Home Bitcoin Price Analysis: BTC/USD capped by 1-hour SMA50 – Confluence Detector
Crypto News

Bitcoin Price Analysis: BTC/USD capped by 1-hour SMA50 – Confluence Detector

  • Bitcoin is locked in a range with the upside limited by 1-hour SMA50.
  • The recovery above $9,000 is needed to improve the technical picture.

BTC/USD is changing hands at $8,820 as bullish attempts stop short of the local resistance created by the sloping 1-hour SMA50. The bulls forced this barrier during early Asian hours, but failed to hold the ground and retreated to the previous range. BTC has stayed mostly unchanged both on a day-to-day basis and since the beginning of Tuesday and the market struggles to figure out where to go next.

The intraday chart shows that the RSI stays flat in a neutral area with a mild bullish bias. It means that the coin may continue moving in a tight range below $9,000. 

BTC/USD 1-hour chart

Let’s have a closer look at support and resistance levels clustered around the current price.

Resistance levels

$8,800 – 1-hour SMA50
$9,000 – 23.6% Fibo retracement weekly, 1-hour SMA100, Pivot Point 1-day Resistance 1
$9,300 – a middle line of the daily Bollinger Band, 4-hour SMA40, 1-hour SMA200

Support levels

$8,700 – 23.6% Fibo retracement monthly, Pivot Point 1-day Support 1
$8,500 – the lower line of the daily Bollinger Band, Pivot Point 1-day Support 2
$8,200 – 38.2% Fibo retracement monthly

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.