Bitcoin Is Recovering But $9,300 Could Trigger A Fresh Decline

2020-6-29 06:58

Bitcoin is currently correcting higher from the $8,813 swing low against the US Dollar. BTC is trading above $9,000, but it is facing many hurdles near $9,200 and $9,300.

Bitcoin started an upside correction after trading to a new monthly low at $8,813. The price is recovering nicely and it is trading above the $9,000 level. There is a key bearish trend line forming with resistance near $9,260 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh decrease if it fails to settle above $9,200 and $9,300. Bitcoin Price is Approaching Hurdles

After a strong decline below $9,000, bitcoin price found support near the $8,800 level against the US Dollar. BTC traded to a new monthly low at $8,813 and recently started an upside correction.

There was a break above the $9,000 resistance level. The bulls even pushed the price above a connecting bearish trend line forming with resistance near $9,100 on the hourly chart of the BTC/USD pair.

However, the pair is facing resistance near $9,200 and the 100 hourly simple moving average. A high is formed near $9,190 and the price is currently trading in a range. An initial support is near the 23.6% Fib retracement level of the recent recovery from the $8,813 low to $9,190 low.

Bitcoin price back above $9,000: Source: TradingView.com

On the upside, an initial resistance is near the $9,150 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $9,260 on the same chart.

The main resistance is still near the $9,300 level, above which bitcoin price is likely to gain bullish momentum in the coming sessions. The next crucial resistance above $9,300 could be $9,500.

Fresh Drop in BTC

If bitcoin fails to clear the $9,200 and $9,300 resistance levels, it could start a fresh decline. The first key support is near the $9,040 level, followed by the 50% Fib retracement level of the recent recovery from the $8,813 low to $9,190 low.

A successful bearish break and close below $9,000 could start a fresh decrease. In the mentioned bearish case, the price is likely to revisit the $8,813 low of $8,000 in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just above the 50 level.

Major Support Levels – $9,040, followed by $9,000.

Major Resistance Levels – $9,150, $9,200 and $9,300.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 67466.34 (+0.36%)
Объем 24H $27.505b
Изменеия 24h: -1.24 %, 7d: -1.64 %
Cегодня L: $67187.68 - H: $67602.6
Капитализация $1329.503b Rank 1
Цена в час новости $ 9123.41 (639.49%)

bitcoin low 813 trading facing near hurdles

bitcoin low → Результатов: 126


Bitcoin’s correlation with gold sinks to two-year low, a warning for investors

Key Takeaways Bitcoin’s correlation with gold is at a two-year low Divergence highlights yet again that Bitcoin remains a risk-on asset This may change in the future, but for now, Bitcoin resides on the long-end of the risk spectrum  With full effects of tight monetary policy still to come, market should not get ahead of […] The post Bitcoin’s correlation with gold sinks to two-year low, a warning for investors appeared first on CoinJournal.

2023-7-20 12:21


Bitcoin Drops Under $18,000, How Low Can We Go?

Continuing from yesterday’s losses, Bitcoin is back on a decline today. Going as low as $17,640, there has been a difference of $10 to $50 in BTC prices on different cryptocurrency exchanges. “We reached the current level for BTCUSD on November 18th and have consolidated to the point where the middle band has caught up […] The post Bitcoin Drops Under ,000, How Low Can We Go? first appeared on BitcoinExchangeGuide.

2020-12-9 16:09


Фото:

Bitcoin Dips Below $4K to 1-Year Low, What’s Next?

Bitcoin used to show little correlation with traditional assets, but the worst day for the US and European stock markets in three decades turned into one of the worst days for the crypto space. Bitcoin Plummets to $3,858 on Coinbase On Friday morning, many crypto exchanges saw Bitcoin tumbling to a daily low at around $3,800, after which it quickly returned to above $4,000.

2020-3-14 12:26