Despite Lacking Momentum Above $9k, Bitcoin Holders Are Safe: Here’s Why

Aayush Jindal

1 year ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin is struggling to gain bullish momentum above $9,000 against the US Dollar. BTC must climb above $9,200 to set the stage for a rally towards $10,000 in the near term.

Bitcoin is trading in a broad range below the key $9,200 resistance zone.
The price is consolidating above $8,800 and the 100 hourly simple moving average.
There is a key contracting triangle forming with resistance near $9,040 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could either surge above $9,200 or it might start a fresh decline towards $8,400.

Bitcoin Could Gain Momentum

After forming a support base above $8,600, bitcoin started an upward move towards $9,000 against the US Dollar. BTC price broke a few hurdles near $8,950 and the 100 hourly simple moving average to move into a positive zone.

The price even climbed above the $9,000 level and traded as high as $9,120 recently. It is currently correcting lower below $9,000. There was a break below the 23.6% Fib retracement level of the upward move from the $8,536 low to $9,120 high.

On the downside, the $8,800 zone is acting as a strong support along with the 100 hourly SMA. More importantly, there is a key contracting triangle forming with resistance near $9,040 on the hourly chart of the BTC/USD pair.

If bitcoin breaks the triangle resistance and $9,050, it could gain bullish momentum. An initial resistance is near the $9,120 high, above which it could continue to rise towards the $9,200 resistance zone.

To start a strong upward move, the bulls need to clear the $9,200 resistance. If they succeed, the price is likely to rally towards $9,500 or even $10,000 in the coming sessions. An intermediate resistance might be near $9,800.

Bearish Break

If bitcoin price fails to clear the triangle resistance or $9,120, it could start a fresh decline. An initial support is near the 100 hourly SMA, followed by $8,800.

A close below the 100 hourly SMA and $8,800 could increase selling pressure. In the mentioned bearish case, the price might decline towards the $8,600 region or $8,540. The next major support for the bulls below the $8,536 low is near the $8,400 level.

Technical indicators:

Hourly MACD – The MACD is likely to gain pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 50 level.

Major Support Levels – $8,800 followed by $8,540.

Major Resistance Levels – $9,050, $9,120 and $9,200.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.