RATE Group | BTC/USD recovery limited by $9,300 – Confluence Detector
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BTC/USD recovery limited by $9,300 – Confluence Detector

23 May BTC/USD recovery limited by $9,300 – Confluence Detector

Posted at 17:58h in Bitcoin News by

  • Bitcoin is range-bound with the bearish bias on Sunday.
  • The local resistance is created by $9,300.

Bitcoin (BTC) is sitting in a tight range between $9,300 and $9,000 since the start of the day. At the time of writing, BTC/USD is changing hands at $9,175, mostly unchanged both on a day-to-day basis and since the beginning of Saturday. On the intraday charts, BTC is supported by 1-hour SMA50 (currently at $9,150), while the resistance is created by the intraday high $9,311. The initial bullish target is created by a psychological $9,600.

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

Let’s have a closer look at support and resistance levels clustered around the current price.

Resistance levels

$9,300 – the middle line of the daily Bollinger Band, the upper line of the 1-hour Bollinger Band, the intraday high
$9,500 – 4-hour SMA50,…

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