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Bitcoin

Bitcoin Trading Near Make-or-Break Levels: Here’s Why $9,400 Holds The Key

Aayush Jindal by Aayush Jindal
3 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read

Bitcoin is trading nicely above the $9,100 and $9,200 support levels against the US Dollar. BTC is forming a crucial breakout pattern and it must break $9,400 for a sustained upward move.

  • Bitcoin is trading above the key $9,120 support level and the 100 simple moving average (4-hours).
  • The price is facing a strong resistance near the $9,400 and $9,500 levels.
  • There is a crucial breakout pattern forming with resistance near $9,380 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair must settle above the $9,400 and $9,500 levels for a strong rally.

Bitcoin is Facing Major Hurdles

This past week, bitcoin made an attempt to surpass the main $9,500 resistance levels against the US Dollar, but it failed. BTC formed a weekly high at $9,480 and later started a downside correction.

There was a break below the $9,400 and $9,300 support levels. The price even broke the 50% Fib retracement level of the upward move from the $8,912 low to $9,480 high. Finally, the price spiked below the $9,200 support and the 100 simple moving average (4-hours).

BTC tested the main $9,120 support area, where the bulls appeared. It seems like the 61.8% Fib retracement level of the upward move from the $8,912 low to $9,480 high acted as a strong support.

Bitcoin

Bitcoin price holding $9,200: Source: TradingView.com

More importantly, there is a crucial breakout pattern forming with resistance near $9,380 on the 4-hours chart of the BTC/USD pair. The pair is currently rising and trading well above the $9,200 and the 100 SMA.

On the upside, an initial resistance is $9,350 level. The first major resistance is near the triangle resistance and $9,400. A successful break and close above $9,400 will most likely increase the chances of a sustained upward move above the $9,500 resistance. If the bulls succeed, the price might climb towards the $9,600 and $9,800 levels.

Bearish Break in BTC?

If bitcoin struggles to clear the $9,400 and $9,500 resistance levels, there is a risk of a bearish break. The first major support is near the triangle lower trend line at $9,200.

The main support is near the $9,120 levels, below which the bears are likely to aim a larger decline below the $9,000 and $8,800 levels in the coming days.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly moving in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently rising and it is just above the 50 level.

Major Support Level – $9,120

Major Resistance Level – $9,400

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

Tags: bitcoinbtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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