Bitcoin price rallied recently and even climbed above the ,000 resistance against the US Dollar.The price is currently correcting lower and is trading below the ,820 pivot level.There is a major contracting triangle forming with resistance near ,400 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair could correct further, but it is likely to remain well supported above ,900 and ,500.Bitcoin price is correcting gains below ,800 against the US Dollar. BTC might test ,900 or even ,500 before it starts a fresh increase in the coming days.Bitcoin Price AnalysisThis past week, bitcoin price started a strong rally from well below the ,200 resistance against the US Dollar. BTC rallied above the ,500 and ,000 resistance levels. Moreover, there was a
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- Bitcoin price rallied recently and even climbed above the $10,000 resistance against the US Dollar.
- The price is currently correcting lower and is trading below the $9,820 pivot level.
- There is a major contracting triangle forming with resistance near $9,400 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could correct further, but it is likely to remain well supported above $8,900 and $8,500.
Bitcoin price is correcting gains below $9,800 against the US Dollar. BTC might test $8,900 or even $8,500 before it starts a fresh increase in the coming days.
Bitcoin Price Analysis
This past week, bitcoin price started a strong rally from well below the $8,200 resistance against the US Dollar. BTC rallied above the $8,500 and $9,000 resistance levels. Moreover, there was a close above $9,000 and the 55 simple moving average (4-hours).
Finally, the price climbed above the $10,000 resistance area, but it failed to retain bullish momentum. A swing high was formed near $10,528 and recently the price started a fresh downside correction.
There was a break below the $9,820 pivot level and the $9,750 support. Besides, the price declined below the 23.6% Fib retracement level of the upward move from the $7,307 low to $10,528 high.
However, the $8,900 and $9,000 levels seem to be acting as strong supports. The 50% Fib retracement level of the upward move from the $7,307 low to $10,528 high is also near the $8,915 level to provide support to the bulls.
At the outset, there is a major contracting triangle forming with resistance near $9,400 on the 4-hours chart of the BTC/USD pair. If there is an upside break above the $9,400 resistance, the price could resume its upward move.
An immediate resistance is near the $9,820 pivot level, above which bitcoin price could continue to rise towards the $10,000 and $10,500 levels. Any further gains may perhaps lead the price towards the $11,200 level.
On the other hand, there could be a downside break below the $9,150 support. The next major support is near the $8,900 level, below which the price could dive towards the $8,500 support or the 55 simple moving average (4-hours).
Bitcoin Price
Looking at the chart, bitcoin price seems to be consolidating gains and correcting below $9,500. There could be an extended decline below $9,000, but as long as it is above $8,500, there are chances of another rally.
Technical indicators
4 hour MACD – The MACD is showing positive signs in the bullish zone.
4 hour RSI (Relative Strength Index) – The RSI is currently correcting lower and it is approaching the 50 level.
Key Support Levels – $8,900 and $8,500.
Key Resistance Levels – $9,400, $9,820 and $10,000.