Bitcoin price is slowly correcting higher and trading above ,000 against the US Dollar.There is a major resistance forming near ,300 and the 55 simple moving average (4-hours).There is a connecting bearish trend line in place with resistance near ,150 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair must surpass the ,300 resistance level to start a steady increase.Bitcoin price is trading in a bearish zone below ,300 and ,500 against the US Dollar. BTC remains at a risk of more losses unless it climbs above the ,300 resistance.Bitcoin Price AnalysisThis past week, bitcoin price declined sharply below the ,500 support against the US Dollar. BTC gained bearish momentum below the ,300 support and the 55 simple moving average (4-hours).Finally, it
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- Bitcoin price is slowly correcting higher and trading above $9,000 against the US Dollar.
- There is a major resistance forming near $9,300 and the 55 simple moving average (4-hours).
- There is a connecting bearish trend line in place with resistance near $9,150 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair must surpass the $9,300 resistance level to start a steady increase.
Bitcoin price is trading in a bearish zone below $9,300 and $9,500 against the US Dollar. BTC remains at a risk of more losses unless it climbs above the $9,300 resistance.
Bitcoin Price Analysis
This past week, bitcoin price declined sharply below the $9,500 support against the US Dollar. BTC gained bearish momentum below the $9,300 support and the 55 simple moving average (4-hours).
Finally, it traded below the $9,000 support and formed a new multi-week low at $8,816. Recently, there was an upside correction and the price recovered above the $9,000 level.
There was a break above the 23.6% Fib retracement level of the downward move from the $9,792 swing high to $8,816 low. It seems like there is a connecting bearish trend line in place with resistance near $9,150 on the 4-hours chart of the BTC/USD pair.
Bitcoin is currently attempting a close above the trend line resistance and $9,200. The first key resistance is near the $9,240 level and the 55 simple moving average (4-hours). The main resistance is near the $9,300 level or the 50% Fib retracement level of the downward move from the $9,792 swing high to $8,816 low.
A clear break above the $9,240 and $9,300 resistance levels might open the doors for a strong increase. The next resistance is near $9,420, above which the price might surge towards the $9,580 and $9,600 levels in the near term.
Conversely, the price could fail to continue higher above $9,240 or $9,300. In the mentioned case, the price is likely to trade below the $9,000 support. The next support is near $8,820, below which it could dive towards the $8,500 level.
Bitcoin Price
Looking at the chart, bitcoin price is now showing a few positive signs above the $9,100 level. Having said that, the price must climb above the $9,300 resistance and the 55 simple moving average (4-hours) to continue higher.
Technical indicators
4 hours MACD – The MACD is currently losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is currently just above the 50 level.
Key Support Levels – $9,000 and $8,800.
Key Resistance Levels – $9,240, $9,300 and $9,580.