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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Bitcoin Price (BTC) Watch: Here Is Why Upsides Could Be Capped

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
  • Bitcoin price is currently correcting higher and is trading above $9,650 against the US Dollar.
  • The price is struggling to break the $9,800 and $9,880 resistance levels.
  • There is a major bearish trend line forming with resistance near $9,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could only turn bullish after it captures the $9,900 and $10,000 resistance levels.

Bitcoin price is facing a lot of barriers near $9,900 and $10,000 against the US Dollar. BTC could trim recent gains if it fails to climb above $9,900 or $10,000 in the near term.

Bitcoin Price Analysis

Recently, BTC started a decent upside correction from the $9,316 swing low against the US Dollar. It seems like a decent support base is forming near the $9,350 and $9,400 levels. The price climbed above the $9,500 and $9,520 resistance levels. Moreover, there was a close above the $9,500 level and the 100 hourly simple moving average. It opened the doors for more gains above $9,550.

Additionally, bitcoin gained pace above the 23.6% Fib retracement level of the last key decline from the $10,293 high to $9,316 low. However, the price is now struggling to break the $9,800 resistance area (the previous support). Moreover, it seems like the 50% Fib retracement level of the last key decline from the $10,293 high to $9,316 low is acting as a strong resistance.

On the upside, there is a major bearish trend line forming with resistance near $9,900 on the hourly chart of the BTC/USD pair. Above the trend line, the 61.8% Fib retracement level of the last key decline from the $10,293 high to $9,316 low is at $9,920. However, the main resistance is near the $10,000 level, above which the price is likely to move back into a positive zone.

On the downside, an initial support is near the $9,660 level (the recent resistance area). The next key support is near the $9,600 level and the 100 hourly SMA. If there is a downside break below the 100 hourly SMA, the price could revisit the $9,350 support area in the near term.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is facing a lot of hurdles near the $9,800, $9,900 and $10,000 levels. It seems like the bulls could attempt to push the price above $10,000. If they fail, the price will most likely start a fresh decline towards $9,500 or $9,350.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower towards the 60 level.

Major Support Levels – $9,660 followed by $9,500.

Major Resistance Levels – $9,800, $9,900 and $10,000.

Tags: bitcoinbtc
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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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