- Bitcoin recovery from the recent dip to $9,250 stalls under $9,500.
- BTC/USD is relatively in the hands of the bulls who lack enough momentum to sustain gains above $9,500.
Bitcoin buyers have been reduced to defenders after another rejection from $10,000. Initially, they defended the support between $9,500 and $9,600 but the strong arm of the bears caught up with them, resulting in losses towards $9,000. The region at $9,250 is now being defended as the key support area. On the upside, recovery has been capped under $9,500. There was a break above $9,500 but buyers lost steam at $9,567 during the Asian session.
At the time of writing, Bitcoin is trading at $9,466, which is a 0.46% loss from the opening value at $9,512. BTC/USD bulls are not giving up the fight to $10,000 in spite of the stronger bearish grip. The main goal is to sustain gains above $9,500 and step above the resistance at $9,600. This way, other buyers watching from the sidelines can join the market and aid in pushing the price to $10,000.
From a technical perspective, it is true to say that bulls are relatively in control. Although, we cannot forget the fact that they lack the momentum to sustain the gains. For example, the RSI is horizontal at 60 to show that there is enough energy to hold Bitcoin above $9,520 if not $9,400. Moreover, the MACD is comfortable seating in the positive region, further emphasizing the influence bulls have on the price.
BTC/USD daily chart
Bitcoin confluence resistance and support areas
Resistance one: $9,519 – Is the region that hosts the previous high one-hour, SMA 200 1-hour, and the Bollinger Band 1-hour middle.
Resistance two: $9,617 – Highlighted by the SMA 100 15-minutes and the SMA five one-day.
Resistance three: $9,716 – Where the Fibonacci 61.8% one-day, SMA 200 15-minutes, and the Bollinger Band 4-hour middle curve meet.
Support one: $9,420 – A weak support area highlighted by only the SMA ten one-day.
Support two: $9,322 – A medium-strong support area home to the Bollinger band one-day Middle, the previous low one-day, and SMA 100 4-hour.
Support three: $8,731- A support areas hosting the Fibonacci 23.6% one-month and the pivot point daily support three.
Bitcoin intraday levels