Bitcoin (BTC) Price Showing Positive Signs But Lacking Momentum

  • Bitcoin price is up around 3% and it climbed above the $9,400 resistance against the US Dollar.
  • The price is currently correcting lower after tagging the $9,600 resistance area.
  • There is a key bullish trend line forming with support near $9,340 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • Both Ethereum and ripple are showing positive signs above $182 and $0.2950 respectively.

Bitcoin price jumped recently above $9,400 and $9,500 against the US Dollar. BTC price is currently correcting lower and it is likely to find support near $9,340 and $9,300.

Bitcoin Price Analysis

In the past two sessions, bitcoin started a steady rise from the $9,100 support area against the US Dollar. BTC broke the key $9,400 resistance area and settled above the 100 hourly simple moving average.

Moreover, the price rallied above the $9,500 resistance area. Finally, a high was formed near $9,600 and the price is currently correcting lower. It corrected below the $9,480 level, plus the 23.6% Fib retracement level of the recent upward move from the $9,081 low to $9,599 high.

At the outset, bitcoin is trading near the $9,400 support area. If there are more downsides, the price could test the $9,340 and $9,320 support levels (the previous resistance levels).

Besides, the 50% Fib retracement level of the recent upward move from the $9,081 low to $9,599 high is near the $9,340 level. More importantly, there is a key bullish trend line forming with support near $9,340 on the hourly chart of the BTC/USD pair.

If there is a downside break below the trend line, the price could decline below $9,300. Additionally, the next major support is near the $9,240 level and the 100 hourly simple moving average.

Any further downsides might push the price towards the $9,200 support area. Conversely, bitcoin price may perhaps rise again if it stays above $9,340 and $9,300.

An initial resistance is near the $9,480 and $9,500 levels. A successful break above the $9,500 resistance is likely to spark another rally towards the $9,600 level. The next key resistance on the upside is waiting near the $9,800 level.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin is showing many positive signs and the recent rally above $9,400 was bullish. In the short term, there could be a downside correction, but the price remains well supported near $9,340 and $9,300. The main uptrend support is near the $9,200 level, below which the price could move into a bearish zone.

Technical indicators:

Hourly MACD – The MACD is a about to move into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower towards the 50 level.

Major Support Levels – $9,340 followed by $9,200.

Major Resistance Levels – $9,480, $9,500 and $9,600.

Let’s block ads! (Why?)

Source: Newsbtc

loading...