Bitcoin at Potentially Significant Turning Point: $9,000 Holds The Key

Aayush Jindal

1 year ago

2 mins read

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Bitcoin declined sharply after it faced a strong rejection near $9,200 against the US Dollar. BTC is still holding the $9,000 support, below which there is a risk of a sustained decline.

Bitcoin fell sharply below $9,000, but it recovered quickly from the $8,914 swing low.
The price is now facing a major resistance near $9,100 and the 100 hourly simple moving average.
There is a crucial bearish trend line forming with resistance near $9,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could either rally above $9,100 or it might start another decline below $9,000.

Bitcoin Price Still Holding $9,000

In yesterday’s weekly analysis, we discussed the chances of a sharp decline in bitcoin if it fails to clear $9,200 against the US Dollar. BTC remained in a bearish zone and it fell significantly below the $9,100 and $9,000 levels.

The price even spiked below the $8,950 level and traded to a new weekly low at $8,914. However, there was no daily close below $9,000 and the price recovered sharply. It surged above the $9,000 level, plus surpassed the 50% Fib retracement level of the recent decline from the $9,194 high to $8,914 low.

BTC is currently facing a major resistance near $9,100 and the 100 hourly simple moving average. There is also a crucial bearish trend line forming with resistance near $9,120 on the hourly chart of the BTC/USD pair.

Bitcoin price still holding $9,000: Source: TradingView.com

The trend line coincides with the 76.4% Fib retracement level of the recent decline from the $9,194 high to $8,914 low. Therefore, a successful break above the $9,100 resistance and $9,120 is must for a fresh increase.

The next immediate resistance is near the $9,180, above which the bulls are likely to aim a sustained upward move towards the $9,500 resistance region in the coming sessions.

Fresh Decrease in BTC?

If bitcoin fails to clear the $9,100 and $9,120 resistance levels, it could start another decrease. The main support on the downside is near the $9,000 level.

A daily close below the $9,000 support zone will most likely open the doors for a sustained downward move towards the $8,800 support or $8,500 in the near term.

Technical indicators:

Hourly MACD – The MACD is currently gaining pace in the bullish zone.

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

Major Support Levels – $9,000, followed by $8,800.

Major Resistance Levels – $9,100, $9,120 and $9,180.

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.
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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.

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