BUY BITCOIN
Bitcoin is slowly rising and trading above the $9,150 level against the US Dollar. BTC is struggling to gain bullish momentum above $9,200, but there are a few bullish signs emerging on charts.
- Bitcoin recovered above $9,200 and traded as high as $9,240.
- The price is currently trading nicely above the $9,150 level and the 100 hourly simple moving average.
- There was a break above a significant bearish trend line with resistance near $9,160 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must stay above the $9,120 support zone to continue higher above $9,200.
Bitcoin Price is Showing Positive Signs
After trading close to the $9,000 level, bitcoin started an upside correction against the US Dollar. BTC managed to clear the $9,120 resistance level and the 100 hourly simple moving average.
It opened the doors for more gains and there was a break above a significant bearish trend line with resistance near $9,160 on the hourly chart of the BTC/USD pair. The pair even traded above the $9,200 resistance, but it failed to gain bullish momentum.
A high is formed near $9,240 and the price is currently correcting lower. It traded below the $9,200 level, plus the 23.6% Fib retracement level of the recent wave from the $9,112 swing low to $9,240 high.
Bitcoin price testing $9,200: Source: TradingView.com
On the downside, there is a decent support forming near the $9,150 level. An immediate support is near the 50% Fib retracement level of the recent wave from the $9,112 swing low to $9,240 high.
There is also a connecting bullish trend line with support near $9,140 and the 100 hourly SMA. On the upside, a daily close above the $9,200 and $9,220 levels might set the stage for a strong upward move in the coming sessions.
The next resistance is near the $9,300 level, above which the bulls are likely to aim a test of the $9,500 and $9,550 levels.
Another Failure in BTC
The recent break above the trend line and $9,200 might turn out to be a false one if bitcoin fails to stay above $9,150 or $9,120.
A clear break below the $9,120 support level may perhaps start another decline. The next major support is near the $9,000 level, which is the last line of defense for the bulls.
Technical indicators:
Hourly MACD – The MACD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $9,120, followed by $9,000.
Major Resistance Levels – $9,200, $9,240 and $9,300.
