- Bitcoin price is stuck within a strong resistance zone between $9,295 and $9,392.
- Correction above $9,392 will stir up action towards $10,000.
Bitcoin bulls are slowly coming back in action after a minor battering from the bulls. BTC/USD explored lows under $9,300 during the Asian trading hours. The price has since adjusted upwards to $9,324. The prevailing trend is bullish while the volatility is expanding.
Bitcoin confluence levels
Although the bulls seem to be flexing their muscles upwards, they are also staring in to a critical resistance zone at $9,295.46 to $9,392. Some of the technical indicators in this zone include SMA 50 four-hours, SMA five one-day, Bollinger Band one-hour lower, SMA 200 one-hour, the Fibo 61.8% on-day, previous low one-hour, SMA 200 15-minutes, Bollinger Band 15-mins upper and previous high 15-mins.
If Bitcoin bulls manage to clear the above resistance, they are likely to gather overwhelming support to catapult them towards $10,000. The confluence tool shows existence of mild hurdles between $9,392 and $10,072.
On the downside, the beginning of the resistance zone $9,295 is playing a double function as a support. In the case of a reversal and extended declines, Bitcoin bulls are likely to find cushioning at $9,101, $9,003 and $8,906.
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