- Bitcoin price is holding the key $9,000 support area against the US Dollar.
- The price is facing a couple of short term resistances near the $9,200 and $9,400 levels.
- This week’s followed major bearish trend line is active with resistance near $9,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is likely to rally if it breaks the $9,200 resistance and the $9,320 pivot level.
Bitcoin Price Analysis
The recent low was formed near the $9,013 and the price is currently holding the $9,000 support area. It is climbing higher and trading above the $9,100 level. Moreover, there was a break above the 23.6% Fib retracement level of the recent decline from the $9,534 high to $9,013 low.
However, the price seems to be facing resistance near $9,200 and the 100 hourly simple moving average. Additionally, this week’s followed major bearish trend line is active with resistance near $9,150 on the hourly chart of the BTC/USD pair.
Above the trend line, the 50% Fib retracement level of the recent decline from the $9,534 high to $9,013 low is near the $9,275 area. Therefore, the price could start a solid rise if there is a break above the $9,200 and $9,275 resistances.
An immediate resistance is near the $9,320 level and the 100 hourly simple moving average. Besides, the 76.4% Fib retracement level of the recent decline from the $9,534 high to $9,013 low is also near the $9,400 area.
A successful close above the $9,400 level is must for bitcoin to move into a positive zone. On the downside, there is a strong support forming near the $9,000 area. If there is a bearish break below $9,000, the price could start a strong decline towards $8,800 or $8,700.
Looking at the chart, bitcoin is clearly trading nicely above the $9,000 support area, which holds the key. An upside break above the $9,200 and $9,320 levels is must for a fresh increase. If not, there could be a bearish wave below $9,000.
Hourly MACD – The MACD is struggling to gain pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is facing hurdles near the 45 and 50 levels.
Major Support Levels – $9,000 followed by $8,800.
Major Resistance Levels – $9,200, $9,320 and $9,400.