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Bitcoin Price Analysis: BTC Could Recover Towards $9,400

Summary:
Bitcoin price declined heavily and traded below the ,000 support against the US Dollar.The price traded as low as ,400 and it is currently correcting higher.There is a major bearish trend line forming with resistance near ,405 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair could correct higher towards ,400 if it breaks the ,000 resistance.Bitcoin price is currently correcting higher above ,800 against the US Dollar. BTC must surpass ,000 to start a strong upward move towards ,400 or even ,500.Bitcoin Price AnalysisThis past week, we saw a downside extension in bitcoin price below the ,200 support against the US Dollar. As a result, BTC declined below the ,000 support and settled well below the 55 simple moving average (4-hours).The price

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  • Bitcoin price declined heavily and traded below the $9,000 support against the US Dollar.
  • The price traded as low as $8,400 and it is currently correcting higher.
  • There is a major bearish trend line forming with resistance near $9,405 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could correct higher towards $9,400 if it breaks the $9,000 resistance.

Bitcoin price is currently correcting higher above $8,800 against the US Dollar. BTC must surpass $9,000 to start a strong upward move towards $9,400 or even $9,500.

Bitcoin Price Analysis

This past week, we saw a downside extension in bitcoin price below the $9,200 support against the US Dollar. As a result, BTC declined below the $9,000 support and settled well below the 55 simple moving average (4-hours).

The price traded as low as $8,400 and it is currently correcting higher. It climbed above the $8,600 level, plus the 23.6% Fib retracement level of the key decline from the $10,029 high to $8,400 low.

The price also climbed above a major declining channel with resistance near the $8,650 level on the 4-hours chart of the BTC/USD pair. It has opened the doors for more gains above the $8,800 level.

On the upside, there are a few key hurdles visible near the $8,970 level and the 55 simple moving average (4-hours). A clear break above the $8,970 and $9,000 levels could clear the path for bitcoin bulls to take control in the near term.

The next major resistance is near the $9,215 level. It is the 50% Fib retracement level of the key decline from the $10,029 high to $8,400 low. There is also a major bearish trend line forming with resistance near $9,405 on the same chart.

Therefore, a clear break above the $9,000 level may perhaps set the pace for a push towards the $9,400 resistance area. Conversely, the price might fail to continue above the $9,000 level or the 55 simple moving average (4-hours). In the mentioned case, it could dive back towards the $8,400 support area.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly showing a few positive signs of an upside correction above the $9,000 resistance level and the main target for the bulls might be $9,400.

Technical indicators

4 hours MACD – The MACD is now moving back into the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now rising and it is just above the 50 level.

Key Support Levels – $8,700 and $8,400.

Key Resistance Levels – $8,970, $9,000 and $9,400.

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