- Bitcoin impressively recovered above $10,500 but upside capped under $10,600.
- The strongest support for Bitcoin price lies at $9,829.
Bitcoin managed to stay in the green on Friday ahead of the weekend session. The new month has been kind on Bitcoin as well as the entire crypto market. BTC/USD not only smashed through $10,000 hurdle but also explored the highs above $10,500. In spite of the magnificent recovery, $10,600 remains unconquered, let alone the milestone at $11,000.
A glance at the confluence detector tool shows Bitcoin’s first resistance at $10,597. The confluence is created by several indicators ranging from the previous high 15-mins, previous high 4-hour, Bollinger Band 15-mins upper and the previous high 1-hour. Marginally above this level lies the second resistance at $10,706 (seller congestion zone). The various indicators at this level include the BB 4-hour upper, Pivot Point 1-week R1, BB 1-hour upper and the PP 1-Day R1. Trading above this zone will see Bitcoin enjoy a smooth ride towards $11,000 and other higher levels.
On the downside, Bitcoin is well supported starting with the medium-strong support at $10,378 (buyers’ congestion zone). The level is highlighted BB 1-hour middle, SMA 5 4-hour, Fibonacci 61.8% 1-week, SMA 100 15-mins, and Fib 23.6% 1-Day. In addition to that, $10,268 is in line to prevent declines above the significant support at $10,158. The strongest support for Bitcoin lies at $9,829.
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