Bitcoin started a strong decline after it broke the key $9,500 support against the US Dollar. BTC price is currently correcting higher from the $8,794 low, but upsides are likely to remain capped.
Bitcoin is down more than 5% and it broke many key supports near $9,500 and $9,150.
The price is now trading well below the $9,250 pivot level and the 100 hourly simple moving average.
There is a key connecting bearish trend line forming with resistance near $9,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to face a strong selling interest near the $9,220, $9,250 and $9,300 levels.
Bitcoin Turns Red
Bitcoin price started a strong decline after it failed to climb above $9,800 against the US Dollar. BTC price broke many supports near $9,540 and $9,500 to enter a bearish zone (as discussed yesterday).
There was a sharp slide below the $9,250 and $9,150 support levels. It even dived below $9,000 and settled well below the 100 hourly simple moving average. It traded to a new weekly low at $8,794 before starting an upside correction.
Bitcoin recovered above the $9,000 resistance level. It also managed to recover above the 23.6% Fib retracement level of the recent slide from the $9,842 high to $8,794 low.
On the upside, there are many hurdles forming near the $9,220, $9,250 and $9,300 levels. There is also a key connecting bearish trend line forming with resistance near $9,220 on the hourly chart of the BTC/USD pair.
Bitcoin Price
The trend line is close to the 50% Fib retracement level of the recent slide from the $9,842 high to $8,794 low. Therefore, the price is likely to face a strong selling interest near the $9,220, $9,250 and $9,300 levels in the near term.
BTC’s Bearish Extension
If bitcoin fails to correct above the $9,150 and $9,250 resistance levels, it is likely to continue lower. An initial support on the downside is near the $9,000 level.
A daily close below the $9,000 level might start another bearish wave. The next key support is near the $8,800 level, below which the price is likely to dive towards the $8,500 support zone. Any further losses may perhaps lead the price towards $8,200.
Technical indicators:
Hourly MACD – The MACD is currently in the bullish zone, but it could turn bearish again.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently recovering towards the 45 level.
Major Support Levels – $9,000 followed by $8,800.
Major Resistance Levels – $9,130, $9,250 and $9,300. origin »
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Bitcoin is down more than 5% and it broke the key $9,300 support zone against the US Dollar. BTC traded as low as $9,089 and it is currently correcting higher towards hurdles. Bitcoin declined sharply after it was rejected one more time near the $10,000 level.
After a strong rally from $3,700 to $10,100 over the span of six weeks, the Bitcoin bull has proverbially been asleep over the past few weeks.
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Bitcoin remains below key resistances, but this hasn’t stopped investors from becoming extremely bullish on the asset. Key on-chain data indicates that the propensity that Bitcoin investors have to hold their coins is almost at all-time highs.
Bitcoin has been able to maintain the bulk of the gains that came about during yesterday’s intense upswing Buyers are still struggling to firmly surmount the key $10,000 region, however, as it appears that bears have established heavy resistance here The cryptocurrency could still be on the cusp of entering a macro bull-cycle, and one analyst is noting that the key level that needs to be shattered exists just above BTC’s current price Bitcoin has […]
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Bitcoin price started a downside correction from well above the $9,550 area against the US Dollar. BTC broke the key $9,220 support and it is now trading in a short term bearish zone. Bitcoin declined recently below the $9,300 and $9,200 levels against the US Dollar.
The aftermath of Bitcoin’s recent rally up to highs of $7,500 – and subsequent rejection – has been grave for bulls, as BTC has been caught within a strong downtrend that is leading the cryptocurrency down to its key support region that exists around $7,000.
Bitcoin’s price has been able to stabilize after incurring a significant influx of selling pressure yesterday that sent it plummeting below its previous range lows at $9,000, and it appears that bulls have formed $8,800 as a level of support that could bolster BTC’s price in the near-term.
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Bitcoin price is attempting to recover above $103,500. BTC could continue to move up if it clears the $106,500 resistance zone. Bitcoin started a decent recovery wave above the $103,500 support. The price is trading above $104,500 and the 100 hourly Simple moving average.
Bitcoin price is struggling below $105,000. BTC could continue to move down if it stays below the $104,200 resistance. Bitcoin started a fresh decline below the $104,000 support. The price is trading below $104,000 and the 100 hourly Simple moving average.
