- BTC/USD is oscillation inside a tight range ahead of the breakthrough.
- The critical resistance is created by a psychological $10,000.
Bitcoin (BTC) is sitting in a tight range between $9,800 and $9,400 since the start of the week. At the time of writing, BTC/USD is changing hands above $9,700, mostly unchanged both on a day-to-day basis and since the beginning of Wednesday. On the intraday charts, BTC is supported by 1-hour SMA50 (currently at $9,700), while the resistance is created by the intraday high $9,836. The ultimate bullish target is created by a psychological $10,000.
The short-term momentum remains bearish, with the RSI on the intraday charts flat, which means, the coin may continue the moving inside the range.
BTC/USD 1-hour chart
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Let’s have a closer look at support and resistance levels clustered around the current price.
Resistance levels
$9,800-$9,850 – 23.6% Fibo retracement daily, the upper line of the 1-hour Bollinger Band, the highest level of the previous 4 hours
$9,950-$10,000 – the highest level of the previous week, the upper line of the 4-hour Bollinger Band, Pivot Point 1-month Resistance 1
$10,200 – Pivot Point 1-week Resistance 1, Pivot Point 1-day Resistance 2
$10,500 – Pivot Point 1-day Resistance 3
Support levels
$9,700 – 1-hour SMA50, the middle line of the 4-hour Bollinger Band
$9,500 – the lower line of the 4-hour Bollinger Band, the highest level of the previous month
$9,300 – Pivot Point 1-day Support 2, the middle line of the daily Bollinger Band, 4-hour SMA100, 61.8% Fibo retracement weekly
$9,000 – Pivot Point 1-day Support 3.
Author: Tanya Abrosimova
Read more at: https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-prediction-btc-usd-gets-ready-for-a-powerful-breakthrough-confluence-detector-202005201459
