Bitcoin price declined sharply after testing the ,400 against the US Dollar.It is holding a crucial uptrend support near the ,320 and ,300 levels.There is a major bullish trend line forming with support near ,050 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair start a fresh increase as long as it is above the ,320 support zone.Bitcoin price trimmed most its recent gains and declined below ,000 against the US Dollar. BTC is now trading above a major support near ,300 and it might start a fresh increase.Bitcoin Price AnalysisEarlier this week, bitcoin price gained bullish momentum above the ,500 resistance zone against the US Dollar. BTC even climbed above the ,000 resistance zone to set a new monthly high.There was a close above the ,000
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- Bitcoin price declined sharply after testing the $10,400 against the US Dollar.
- It is holding a crucial uptrend support near the $9,320 and $9,300 levels.
- There is a major bullish trend line forming with support near $9,050 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair start a fresh increase as long as it is above the $9,320 support zone.
Bitcoin price trimmed most its recent gains and declined below $10,000 against the US Dollar. BTC is now trading above a major support near $9,300 and it might start a fresh increase.
Bitcoin Price Analysis
Earlier this week, bitcoin price gained bullish momentum above the $9,500 resistance zone against the US Dollar. BTC even climbed above the $10,000 resistance zone to set a new monthly high.
There was a close above the $10,000 level and the 55 simple moving average (4-hours). However, the price failed to break the $10,400 and $10,500 resistance levels. As a result, there was a sharp bearish reaction below the $10,000 level.
The price even broke the $9,500 support, plus the 50% Fib retracement level of the upward move from the $8,629 low to $10,430 high. It tested a major support area near the $9,320 level and the 55 simple moving average (4-hours).
It seems like the 61.8% Fib retracement level of the upward move from the $8,629 low to $10,430 high is acting as a strong support. There is also a major bullish trend line forming with support near $9,050 on the 4-hours chart of the BTC/USD pair.
If the price fails to stay above the $9,320 support, it might even struggle to stay above the trend line support. Any further losses may perhaps lead the price back towards the $8,400 support zone in the coming sessions.
Conversely, the price may perhaps start a fresh increase from $9,320 and the 55 simple moving average (4-hours). An initial resistance is near the $9,650 and $9,700 levels.
The first major resistance is near the $9,940 level, above which the price might revisit the $10,400 resistance zone in the near term.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading above a couple of important uptrend supports near $9,320. If it fails to stay above $9,320, there could be more losses. On the other hand, BTC might bounce back above $9,700.
Technical indicators
4 hours MACD – The MACD is slowly losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is currently just above the 45 level.
Key Support Levels – $9,320 and $9,000.
Key Resistance Levels – $9,700, $9,940 and $10,400.