Bitcoin spiked above $9,400 and $9,500 against the US Dollar. BTC traded to a new yearly high at $9,569 and it is currently showing signs of a downside correction.<\/p>\n
Yesterday, bitcoin remained well bid above the $9,200 support against the US Dollar. As a result, BTC extended its upward move above the $9,400 resistance area. The price even spiked above the $9,500 resistance and traded to a new 2020 high at $9,569.<\/p>\n
However, the bulls fails to remain in action above the $9,500 level. It corrected lower below the $9,500 level, plus the 23.3% Fib retracement level of the recent move from the $9,167 swing low to $9,569 high.<\/p>\n
More importantly, this weeks crucial bullish trend line was breached with support near $9,420 on the hourly chart of the BTC\/USD pair. Therefore, it seems like bitcoin price is preparing to start a downside correction below $9,400.<\/p>\n
Bitcoin Price<\/p>\n
An immediate support is near the $9,360 level. It coincides with the 50% Fib retracement level of the recent move from the $9,167 swing low to $9,569 high. The first key support is near the $9,260 level, below which the bears are likely to eye a test of the $9,150 support area.<\/p>\n
The bulls need to be careful if bitcoin slides further below the $9,150 support. In the mentioned case, there is a risk of a large downside correction below the $9,000 support area.<\/p>\n
The recent downside break below the trend line and $9,400 could be false. To restart the current uptrend, the bulls need to push the price back above the $9,480 and $9,500 level.<\/p>\n
A successful daily close above the $9,500 resistance level will most likely open the doors for a run towards the main $10,000 resistance area. An intermediate resistance might be near $9,850.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD The MACD is now back into the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) The RSI for BTC\/USD is currently declining and is now below the 50 level.<\/p>\n
Major Support Levels $9,260 followed by $9,150.<\/p>\n
Major Resistance Levels $9,500, $9,850 and $10,000.<\/p>\n
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Read the original: Bitcoin spiked above $9,400 and $9,500 against the US Dollar. Continue reading
\nAre Bitcoin Bulls Finally Giving Up? BTC Shows First Signs of a Big Correction - newsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"