Bitcoin Lacking Momentum Above $9,200, But Signs of Bullish Break Emerge

Aayush Jindal

Last Updated: June 11, 2024 2:05 pm

2 mins read

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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.

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.

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