Everything Around Crypto
Bitcoin
$10,703.45
-26.55
(-0.25%)
Ethereum
$354.75
-0.28
(-0.08%)
Ripple
$0.24
-0
(-1.19%)
Litecoin
$45.90
+0.32
(+0.7%)
EOS
$2.58
-0
(-0.04%)
Cardano
$0.10
-0.01
(-5.44%)
Stellar
$0.07
-0
(-1.73%)
NEO
$19.36
-0.69
(-3.44%)
NEM
$0.12
-0
(-1.44%)
DigitalCash
$67.26
-0.34
(-0.5%)
Tether
$1.00
0
(0%)
Binance Coin
$28.33
+0.56
(+2.02%)
QTUM
$2.40
-0.05
(-1.92%)
Verge
$0.00
0
(0%)
Ontology
$0.61
-0.03
(-5.01%)
ZCash
$60.21
+3.41
(+6%)
Steem
$0.16
-0
(-1.54%)
EUR
$1.10
0
(-0.08%)
GBP
$1.23
-0.01
(+0.67%)
JPY
$0.01
-0
(+0.14%)
CHF
$1.03
-0
(+0.45%)
CAD
$0.72
0
(-0.17%)
AUD
$0.66
-0.01
(+0.94%)
ZAR
$0.06
-0
(+0.36%)
RUB
$0.01
-0
(+0.81%)

Bitcoin at a Critical Juncture: Here’s Why $9K Is the Most Important Level For Bulls

2

Bitcoin is attempting to start a fresh increase above $9,000 against the US Dollar. BTC price could either rally above $9,000 or start another decline towards $8,400.Bitcoin is facing a major resistance near the $9,000 and $9,020 levels.The price is trading above the 100 hourly simple moving average, but struggling to gain momentum.There is a crucial bearish trend line forming with resistance near $8,945 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair could either start a strong rally above $9,000 or it might dive back to $8,400.Bitcoin is Approaching Next Key BreakYesterday, bitcoin failed to stay above the $9,000 level and resumed its decline against the US Dollar. BTC price traded below the $8,800 support and revisited the $8,580 support area, where the bulls took a strong stand.A new weekly low is formed near $8,533 and the price recently started a fresh increase. There was a break above the $8,800 resistance level and the 100 hourly simple moving average.Bitcoin price climbed above the 50% Fib retracement level of the downward move from the $9,209 high to $8,533 low. However, the price is facing a strong resistance near the $8,950 and $9,000 levels.There is also a crucial bearish trend line forming with resistance near $8,945 on the hourly chart of the BTC/USD pair. The pair seems to be struggling to clear the 61.8% Fib retracement level of the downward move from the $9,209 high to $8,533 low.BitcoinBitcoin PriceThe main resistance is near the $9,000 region. Therefore, BTC must break the trend line, $8,950, and the $9,000 barrier to start a strong rally in the coming sessions. The next key resistance is near the $9,200 level, followed by the $9,500 weekly resistance.Downside Spike?If bitcoin price fails to continue above the trend line resistance and $9,000, there are chances of a fresh decline. An initial support is near the $8,800 level and the 100 hourly SMA.A successful close below the 100 hourly SMA might start a major decline towards the $8,580 and $8,540 support levels. The price could even spike towards the $8,400 support area before starting a fresh upward move.Technical indicators:Hourly MACD – The MACD is about to move back into the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining and approaching the 50 level.Major Support Levels – $8,580 followed by $8,400.Major Resistance Levels – $8,950, $9,000 and $9,200.

Leave A Reply

Your email address will not be published.