Reason to trust
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 started a downside correction after it was rejected near $9,500 against the US Dollar. BTC is now trading near the main $9,200 support and it could either start a fresh increase or dive to $9,000.
- Bitcoin is correcting lower and approaching the $9,200 and $9,180 support levels.
- The price is currently trading below the $9,280 pivot level and the 100 hourly simple moving average.
- There was a break below a crucial bullish trend line with support near $9,360 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must stay above the $9,180-$9,200 support area to start a fresh increase.
Bitcoin Price Testing Key Support
After a decent upward move, bitcoin faced a strong resistance near $9,480 and $9,500 against the US Dollar. BTC traded as high as $9,480 and recently started a downside correction.
There was a break below the $9,400 and $9,300 levels. The price even broke the $9,280 pivot level and the 100 hourly simple moving average. There was also a break below the 23.6% Fib retracement level of the upward move from the $8,917 swing low to $9,480 high.
More importantly, there was a break below a crucial bullish trend line with support near $9,360 on the hourly chart of the BTC/USD pair. The pair is now trading near the $9,200 and $9,180 support levels.
Bitcoin price testing $9,200: Source: TradingView.com
The 50% Fib retracement level of the upward move from the $8,917 swing low to $9,480 high is also acting as a strong support. It seems like the price is trading near a major inflection zone at $9,180. If it stays above the $9,180 support, it could start a fresh increase in the coming sessions.
On the upside, an initial resistance is near the $9,280 level and the 100 hourly SMA. A successful close above the $9,280 level might open the doors for a push towards the $9,400 and $9,500 levels.
Bearish Break in BTC
Conversely, there is a risk of a bearish break below the $9,200 and $9,180 support levels. If bitcoin closes below the $9,180 level, it could continue to move down.
The next major support is near the $9,000 level, where the bulls are likely to appear. Any further losses might lead the price towards the $8,800 level.
Technical indicators:
Hourly MACD – The MACD is about to move back into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 40 level.
Major Support Levels – $9,180, followed by $9,000.
Major Resistance Levels – $9,280, $9,400 and $9,500.
