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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Bitcoin Reaches Crucial Juncture: Breakdown Below This Level Could Spark Vertical Drop

Aayush Jindal by Aayush Jindal
4 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read

Bitcoin price failed to continue above the $9,500 resistance and declined recently against the US Dollar. BTC could either bounce back from $9,150 or it might decline heavily.

  • Bitcoin bulls are fighting hard to protect the key $9,200 and $9,150 support levels against the US Dollar.
  • The price remains at a risk of a sharp decline if there is a break below $9,150.
  • There is a declining channel forming with resistance near $9,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The bulls need to gain momentum above $9,500 to avoid a breakdown below $9,150.

Bitcoin Testing Key Support

Yesterday, we saw a short term spike in bitcoin above the $9,500 resistance against the US Dollar. BTC even climbed above the $9,600 level and traded to a new 2020 high at $9,609.

However, the bulls failed to keep the price above the key $9,500 resistance. As a result, there was a fresh decline below the $9,400 level and the 100 hourly simple moving average.

Bitcoin price even traded below the $9,300 level and tested the $9,200 support area. A low is formed near $9,223 and the price is currently consolidating above the $9,220 and $9,200 support levels.

On the upside, an initial resistance is near the $9,320 level. Besides, the 23.3% Fib retracement level of the recent decline from the $9,609 high to $9,223 low is also near $9,320. More importantly, there is a declining channel forming with resistance near $9,320 on the hourly chart of the BTC/USD pair.

Bitcoin Price
Bitcoin Price

On the downside, there is a confluence of supports forming near the $9,200 level. If bitcoin fails to stay above the $9,200 and $9,150 support levels, there is a risk of a breakdown.

In the mentioned case, the price is likely to slide below the $9,000 support area. The next major support is near the $8,800 level, where the bulls are likely to take a stand.

Chances of Upside Break?

To start a decent upward move, bitcoin must climb above $9,300 and the channel resistance. The next resistance is seen near the $9,420 level. It coincides with the 50% Fib retracement level of the recent decline from the $9,609 high to $9,223 low.

A clear break above $9,420 and a close above the 100 hourly SMA might increase the chances of upside continuation above the $9,500 and $9,600 levels in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently sliding towards the 40 level.

Major Support Levels – $9,200 followed by $9,150.

Major Resistance Levels – $9,320, $9,420 and $9,500.

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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