- BTC/USD is recovering from the recent lows, still under pressure.
- The critical resistance is seen on approach to $9,000.
Bitcoin (BTC) has been range-bound in Asia, consolidating losses after a sharp collapse on September 24. The first digital asset is changing hands marginally above $8,400, off the recent low registered at $8,150. BTC/USD has lost about 1.2% of its value in recent 24 hours and over 15% on a week-on-week basis.
Read also: Flash-crash on Binance exasperated BNB decline
Bitcoin confluence levels
A cluster of technical levels both below and above the current price may limit Bitcoin movements in the short run. We will need to see a sustainable move outside the short-term consolidation channel to clarify the technical picture. Let’s have a closer look at the barriers that might influence Bitcoin’s movements in the short run.
Resistance levels
$8,600 – SMA10 (Simple Moving Average) four-hour chart, the upper line of one-hour Bollinger Band;
$8,750 – Pivot Point one-day Resistance 1 the highest level of the previous day;
$9,000 – Pivot Point one-week Support 3, the lower line of one-day Bollinger Band.
Support levels
$8,350 – 23.6% Fibo retracement daily, the lower line of 15-min Bollinger Band, the lowest level of the previous 4 hour interval;
$8,150 – the recent low, Pivot Point one-day, Support 1;
$7,650 – Pivot Point one-day Support 3.