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 is facing an uphill task near $9,300 and $9,400 against the US Dollar. BTC seems to be preparing for the next big move either above $9,400 or below $9,000.
- Bitcoin is stuck in a broad range above the $9,120 support zone.
- The price is struggling to clear the $9,300 and $9,400 resistance levels.
- There is a crucial breakout pattern forming with resistance near $9,300 and $9,360 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could either start a strong rally above $9,300 or it might dive below $9,100.
Bitcoin Price is Approaching Next Significant Break
Recently, bitcoin made another attempt to gain strength above $9,300 against the US Dollar. BTC retested the $9,330 resistance zone, which prevented an upside break once again.
A high was formed near $9,333 and the price started a fresh decline. It traded below the $9,250 and $9,220 levels. There was also a close below the $9,250 level and the 100 hourly simple moving average.
A low is formed near $9,194 and it seems like the price is holding the $9,200 support zone. An immediate resistance is near the $9,240 level or the 100 hourly simple moving average. The first major resistance is near the 50% Fib retracement level of the recent decline from the $9,333 high to $9,194 low.
Bitcoin price testing $9,200: Source: TradingView.com
The next key hurdle is forming near the $9,300 level. It is close to the 76.4% Fib retracement level of the recent decline from the $9,333 high to $9,194 low. More importantly, there is a crucial breakout pattern forming with resistance near $9,300 and $9,360 on the hourly chart of the BTC/USD pair.
To start a strong increase and a rally, the price must gain strength above the $9,300, $9,330 and $9,360 resistance levels. Finally, a successful close above the $9,400 pivot level could open the doors for a larger upward move.
Bearish Break in BTC
Bitcoin price seems to be holding the $9,200 and $9,120 support levels. If it continues to struggle near $9,300, there is a risk of a downside break.
A proper close below the $9,120 support zone may perhaps start a significant bearish move. The next support could be $9,000, followed by the $8,800 weekly pivot level.
Technical indicators:
Hourly MACD – The MACD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Major Support Levels – $9,200, followed by $9,120.
Major Resistance Levels – $9,260, $9,300 and $9,360.
