Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin is consolidating above the $9,100 level against the US Dollar. BTC could start a strong increase towards $9,500 as long as it is above the 100 hourly SMA.
- Bitcoin is currently trading in a contracting range below the $9,300 resistance.
- The price is holding the $9,000 support and trading above the 100 hourly simple moving average.
- There is a crucial contracting triangle forming with resistance near $9,160 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could either rally above $9,200 or it might start a fresh decline below $9,000.
Bitcoin Price is Approaching Next Break
In the past few sessions, bitcoin remained well bid above the $9,000 support against the US Dollar. BTC also settled above the $9,100 level and the 100 hourly simple moving average.
However, the bulls are facing a few important hurdles near $9,200, $9,300 and $9,320. The recent high was formed near $9,225 before the price starting a downside correction. It broke the 23.6% Fib retracement level of the upward move from the $8,813 low to $9,225 swing high.
The decline was limited below the $9,100 level and the 100 hourly simple moving average. It seems like there is a crucial contracting triangle forming with resistance near $9,160 on the hourly chart of the BTC/USD pair.
Bitcoin price holding 100 hourly SMA: Source: TradingView.com
If there is an upside break above the triangle resistance, the price could start a decent increase. An immediate resistance could be the $9,225 swing high. The main resistance is still near $9,300.
A proper close above the $9,300 and $9,320 resistance levels will most likely open the doors for a larger upward move in the coming sessions. The next crucial resistance is near the $9,500 and $9,550 levels.
Downside Break in BTC?
On the downside, the triangle support is at $9,100 and the 100 hourly simple moving average. If bitcoin breaks the 100 SMA, the bears are likely to gain momentum.
The next support is near the $9,000 level or the 50% Fib retracement level of the upward move from the $8,813 low to $9,225 swing high. A downside break below the $9,000 support may perhaps push the price towards the $8,800 support level.
Technical indicators:
Hourly MACD – The MACD is struggling to gain momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is attempting a break above the 50 level.
Major Support Levels – $9,100, followed by $9,000.
Major Resistance Levels – $9,160, $9,225 and $9,300.
