Bitcoin (BTС) oscillates in a narrow range, just under $ 9,500. While the first digital asset managed to recover after the weekend, the bullish momentum remains weak, making it vulnerable to new sales.
The weak commercial activity and the absence of new catalysts keep Bitcoin and all the main altcoins in the ranges. However, it can be calm before the storm.
Bitcoin confluence levels
The market was recently confined to the range, although a strong resistance zone just above the current price suggests that the range could be broken down.
Let’s take a closer look at the obstacles that could influence bitcoin movements in the short term.
$ 9,600 – SMA50 (simple moving average) 1 hour, daily Fibo retracement, 38.2%, SMA10 4 hours;
9,900 USD – 61.8% monthly Fibo retracement, Pivot Point 1 day Resistance 2;
$ 10,000 – Psychological barrier, Pivot Point 1 day Resistance 3;
$ 10,400 – SMA50 per day, the midline of the Bollinger Bands for a day
Published by Skrimon