Bitcoin has passed resistance levels of $ 8,800 and $ 9,000 against the U.S. dollar. However, BTC faces a major obstacle at $ 9,100, above which it could increase sharply.
- Bitcoin is currently consolidating in a wide range below the levels of $ 9,000 and $ 9,100.
- The main bearish support forms near the levels of $ 8,250 and $ 8,200.
- There is a key bearish trend line forming with resistance near $ 9,040 on the hourly chart of the BTC / USD pair (data from Kraken).
- Bulls need to gain momentum above $ 9,000 and $ 9,100 for a sustained uptrend.
Bitcoin could beat nearly $ 9,000 and $ 9,100
Yesterday we discussed a possible surge in the price of bitcoin towards resistance at $ 9,000 against the US dollar. The price of BTC rose above the resistance of $ 8,800 and tested the pivot area of $ 9,000.
There was a break above the Fibonacci retracement level of 23.6% from the key fall, from the highest of $ 10,080 to the lowest of $ 8,267. On the upside, the $ 9,000 zone acted as a strong resistance and prevented further gains.
The price of Bitcoin remained well below the simple moving average of 100 hours and exceeded the level of $ 9,000. He even failed to test the 50% retracement level of the key drop from its high of $ 10,080 to $ 8,267.
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More importantly, a key downtrend line is forming with resistance close to $ 9,040 per hour. graphic of the BTC / USD pair. It seems that a major obstacle is forming for bulls near the $ 9,000 and $ 9,100 levels.
Bitcoin price
If there is a bullish break above the resistance and the $ 9,100 trend line, there are possibilities for sustained uptrend. Immediate resistance is close to $ 9,200, above which the price should revise resistance of $ 9,500 in the short term.
Support for breakdowns
On the downside, a crucial support base forms near the $ 8,250 and $ 8,200 levels. If Bitcoin does not exceed $ 9,000, it could revise the range of support to $ 8,250.
To launch a new bearish wave, bears must clear the support levels of $ 8,250 and $ 8,200. The next key support is seen near the $ 8,000 level, below which there is a risk of significant decline to the support area of $ 7,500.
Technical indicators:
MACD Hourly – The MACD is about to enter the bullish zone.
Hourly Relative Strength (RSI): The RSI for BTC / USD is currently increasing to level 50.
Main support levels: $ 8,400 followed by $ 8,250.
Main resistance levels: $ 9,000, $ 9,100 and $ 9,175.