Bitcoin (BTС) is oscillating in a tight range marginally below $9,500 handle. While the first digital asset managed to recover from the weekend low, the upside momentum remains to be weak, which makes it vulnerable to further sell-off.
Bitcoin confluence levels
The market has been rangebound recently, though strong resistance area located right above the current price implies that the range might be broken to the downside.
Let’s have a closer look at the barriers that might influence Bitcoin’s movements in the short run.
Bitcoin Cash is the generally bearish market a nice shed of green today. Besides, BCH the other cryptos subtly in the green are Bitcoin and Monero. With a relative change of +2.57, the price is up 0.87% on Tuesday. It opened the session at $305.31, surged to $309.23 before correcting lower to the current market value at $307.
Looking at the hourly chart, a higher low pattern has been forming since the lows touched on July 24. The price soared to highs above $325 on July 27. A high formed at $326.28 (Fib level swing high), in turn, giving the bears the power to revenge.
Ethereum, the second-largest cryptocurrency with the current market capitalization of $22.3 billion, has recovered from the recent low of $197.50 and settled marginally above $200 handle. The coin has stayed mostly unchanged both on a day-on-day basis and since the beginning of Monday, moving in sync with the broader market.