- Bitcoin movements remained suppressed all through the weekend session.
- Correction towards $10,000 starts to look like a pipe dream.
Bitcoin is still extending the consolidation phase above $9,000 ten days after the pump to levels above $10,500. Correction towards $9,500 is becoming a pipe dream, although buyers still have eyes on $10,000. Fortunately, $9,000 is coming up as a credible support area likely to stir action to towards $9,500.
According to the confluence detector tool, $9,200 is the first resistance zone. A cluster of indicators is converging in the zone to form the resistance. Some of the indicators include the previous high one-hour, previous high 15-minutes, SMA five one-hour, Bollinger Band 15-mins middle, the Simple Moving Average (SMA) 15-mins, and Bollinger Band one-hour middle.
The most prominent resistance is observed at $9,295.24 and is home to the SMA five one-day, the Fibonacci 61.8% one-day, Fibonacci 38.2% one-month, SMA 50 four-hour and SMA 200 one-hour. If Bitcoin buyers manage to clear the resistance at this level, we could see more action towards $10,000 in the coming weeks.
On the flip side, most relevant support area is $9,009. Highlighting the zone is the SMA ten one-day, SMA 200 one-day and Bollinger Band four-hour lower. Other mild support zones include $8,819 and $8,533.
More confluence levels
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