- BTC/USD is consolidating in a tight range mostly unchanged since the beginning of the day.
- The critical resistance is seen on approach to $10,300.
Bitcoin (BTC) resumed the decline and touched $10,173 low during early Asian hours. While the coin has recovered to trade at $10,200 at the time of writing, the overall sentiments about the first cryptocurrency remain bearish. BTC/USD has lost over 1% of its value in recent 24 hours and stayed unchanged since the beginning of the day.
Bitcoin confluence levels
There are quite a number of technical levels clustered both above and below the current price. They may confine Bitcoin to the tight range for the time being; however, the way the downside looks like the path of least resistance at this stage. Let’s have a closer look at the barriers that might influence Bitcoin’s movements in the short run.
$10,300 – SMA200 (Simple Moving Average) on one-hour and four-hour charts, SMA50 four-hour, SMA10 one-hour, 61.8% Fibo retracement daily.
$10,450 – SMA100 daily, Pivot Point one-day Resistance 1;
$11,200 – 61.8% Fibo retracement monthly, 161.8% Fibo projection weekly.
$10,150 – the middle line of one-hour Bollinger Band, 38.2% Fibo retracement daily, the lower line of four-hour Bollinger Band;
$10,000 – 32.8% Fibo retracement weekly, the lower line of one-hour Bollinger Band;
$9,300 – Pivot point one-week Support 2. the lowest level of the previous month.