Do or Die For Bitcoin Bears: It’s The Most Critical Period For BTC
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.
Bitcoin price is holding a crucial support area near the $9,150 level against the US Dollar.
The current technical structure above $9,000 suggests the price is preparing for the next break.
This week’s important bullish trend line is intact with support near $9,210 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The bulls seem to be eyeing the next bullish wave above the $9,400 and $9,500 resistance levels.
Bitcoin Price Approaching Next Break
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.
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.
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.
More importantly, this week’s 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.
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.
Can BTC Bears Make It?
On the downside, the trend line support near $9,210 is the first important support. The main support is near the $9,150 level.
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.
Hourly MACD – The MACD is likely to move back into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently rising and it is just above the 50 level.
Major Support Levels – $9,150 followed by $9,000.
Major Resistance Levels – $9,400, $9,425 and $9,500. The post appeared first on NewsBTC.