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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

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

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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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

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.

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Aayush Jindal
Aayush Jindal

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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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.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

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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