- BTC/USD is hovering around $10,200 amid bearish sentiments on the cryptocurrency market.
- The critical resistance is seen on approach to $10,700.
Bitcoin (BTC) has been rangebound with bearish bias ahead of European opening. The first digital currency retreated from Monday’s high of $10,668. While the downside correction stopped short of a strong support zone at $10,150, the bullish momentum has faded away and left the coin within a tight range.
Bitcoin confluence levels
There are some strong technical levels clustered above the current price. It means that the recovery may be limited at this stage. The way to the South looks like a path of least resistance, however, the situation is very fluid and may change radically, once we a new bullish catalyst hits the market.
Let’s have a closer look at the barriers that might influence Bitcoin’s movements in the short run.
Resistance levels
$10,250 – SMA10 (Simple Moving Average) 4-day, SMA5 1-day, SMA100 1-hour, the middle line of 4-hour Bollinger Band, SMA200 15-min, SMA50 1-hour, 61.8% Fibo retracement weekly;
$10,500 – 38.2% Fibo retracement daily and weekly, the upper line of 4-hour Bollinger Band and SMA100 4-hour;
$10,700 – psychological level, 23.6% Fibo retracement weekly, SMA50 daily, 38.2% Fibo retracement monthly.
Support levels
$10,000 – 23.6% Fibo retracement monthly, the lowest level of the previous four hours;
$9,800 – Pivot Point 1-week Support 1, 161.8% Fibo projection daily;
$9,550 – the lower line of 1-day Bollinger Band.
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