Bitcoin (BTC) Price Turned Sell On Rallies Towards $9K
- Bitcoin price is trading in a bearish zone below the $8,880 and $9,000 resistances against the US Dollar.
- The price is struggling to recover and it is likely to face sellers towards $9,000.
- Yesterday’s major bearish trend line is intact with resistance near $8,980 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- There are a few key supports on the downside near the $8,600 and $8,500 levels.
Bitcoin price is facing an increase in selling below $9,000 against the US Dollar. BTC might correct higher, but sellers remain in control near $8,880 and $9,000.
Bitcoin Price Analysis
Yesterday, there was a decent recovery in bitcoin above $8,850 and $8,900 against the US Dollar. Moreover, BTC climbed above the $9,000 resistance and the 100 hourly simple moving average.
However, the upward move was capped by the $9,150 resistance. A high was formed near $9,150 and the price started another decline. It broke many supports near the $9,000 and $8,900 levels.
Additionally, there was a close below $8,850 and the 100 hourly simple moving average. Finally, the price broke the $8,700 level and traded to a new monthly low near the $8,612 low.
It is currently correcting higher above the $8,700 level. Besides, bitcoin is trading above the 23.6% Fib retracement level of the recent decline from the $9,150 high to $8,612 low. On the upside, there are many resistances, starting with $8,800 and up to $9,000.
The first major resistance is near the $8,880 level and the 100 hourly SMA. It also represents the 50% Fib retracement level of the recent decline from the $9,150 high to $8,612 low.
The main resistance on the upside is near the $9,000 level. More importantly, yesterday’s major bearish trend line is intact with resistance near $8,980 on the hourly chart of the BTC/USD pair. Therefore, bitcoin is likely to face a strong resistance near the $8,880 and $9,000 levels.
On the downside, an initial support is near the $8,680 level. The first key support is near the $8,600 level, below which there is a risk of an extended decline towards the $8,500 support area.
Bitcoin Price
Looking at the chart, bitcoin is showing signs of a short term upside correction above $8,700. Having said that, the bears are likely to protect gains near the $8,880 and $8,980 resistance levels. Only a close above $9,000 might start a strong recovery in the near term.
Technical indicators:
Hourly MACD – The MACD is struggling to gain strength in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently recovering towards the 50 level.
Major Support Levels – $8,600 followed by $8,500.
Major Resistance Levels – $8,880, $8,980 and $9,000.
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Aayush Jindal, Khareem Sudlow