- Bitcoin forms a narrow range within a wider range making recovery a hard nut to crack.
- The limited support means that declines will have far-reaching effects.
- The most prominent resistance at $9,353 must be broken for gains towards $10,000.
The mundane trading activity is still at its best even as the week’s trading nears its end. Bitcoin is still trading within a wide range between $9,000 and $9,600. Moreover, the trend in the last two days has seen the crypto form a new narrow range between the wider range, $9,300 - $9,500. Meanwhile, the prevailing trend has an inclination towards the lower range limits leaving levels towards $9,600 in bearish dominance.
Bitcoin price confluence levelsBitcoin price confluence levels
Resistance and support levels are important indicators for traders as well as investors. FXStreet’s Confluence Detector tool assists in grouping indicators that form solid resistance and support zones. For instance, Bitcoin is trading at $9,297 after correcting from an intraday high of $9,353. Advances made above $9,300 will come face to face with acute selling resistance at $9,353. This is the most prominent resistance zone and is home to the previous high 15-minutes, previous high 1-hour, Bollinger Band 4-hour middle, SMA 50 1-hour BB 15-mins upper and Fibo 38.2% 1-day among others.ResistanceConfluence Detector
If the bulls manage to clear this level before the weekend, then we are looking at Bitcoin trading above $9,740 (next resistance target) before Monday next week.
On the other hand, initial support is highlighted at $9,256. The indicators converging here are the SMA 50 4-hour, pivot point one-day support one, SMA 200 1-hour and previous low one-day. Bitcoin has limited support areas, therefore focus should be put on scaling the levels towards $10,000.More confluence levels