Bitcoin corrected lower, but stayed above the $9,150 support against the US Dollar. BTC bears need to push the price below $9,150 or the price could rally above $9,500.<\/p>\n
After a strong upward move, bitcoin found resistance near $9,400 against the US Dollar. Recently, BTC corrected lower below the $9,350 and $9,300 levels, but the bears struggled to gain strength.<\/p>\n
There was a break below the 23.3% Fib retracement level of the key upward move from the $8,875 low to $9,426 high. The price even spiked below the $9,200 support level.<\/p>\n
However, the bulls remained active above the main $9,150 support. It seems like the 50% Fib retracement level of the key upward move from the $8,875 low to $9,426 high acted as a strong support.<\/p>\n
More importantly, this weeks important bullish trend line is intact with support near $9,210 on the hourly chart of the BTC\/USD pair. Bitcoin price is currently rising and it is trading above the $9,300 level.<\/p>\n
Bitcoin Price<\/p>\n
The first key resistance is near the $9,420 area. If the bulls manage to surpass the $9,420 level, there are high chances of a clear break above the $9,500 resistance area. In the mentioned case, the price is likely to surge towards the $9,880 and $10,000 levels in the coming sessions.<\/p>\n
On the downside, the trend line support near $9,210 is the first important support. The main support is near the $9,150 level.<\/p>\n
If bitcoin bears succeed in clearing the $9,150 support, the price is likely to start a larger decline towards the $8,860 support level or the 100 hourly simple moving average. An intermediate support is near $9,000 or the 76.4% Fib retracement level of the key upward move from the $8,875 low to $9,426 high.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD The MACD is likely to move back into the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) The RSI for BTC\/USD is currently rising and it is just above the 50 level.<\/p>\n
Major Support Levels $9,150 followed by $9,000.<\/p>\n
Major Resistance Levels $9,400, $9,425 and $9,500.<\/p>\n
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Read more:<\/p>\n
Do or Die For Bitcoin Bears: Its The Most Critical Period For BTC - newsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin corrected lower, but stayed above the $9,150 support against the US Dollar. BTC bears need to push the price below $9,150 or the price could rally above $9,500. Continue reading