Do or Die For Bitcoin Bears: It’s The Most Critical Period For BTC

Bitcoin corrected lower, but stayed above the $9,150 support against the US Dollar. BTC bears need to push the price below $9,150 or the price could rally above $9,500. Bitcoin price is holding a crucial support area near the $9,150 level against the US Dollar. The current technical structure above $9,000 suggests the price is preparing for the next break. This week’s important bullish trend line is intact with support near $9,210 on the hourly chart of the BTC/USD pair (data feed from Kraken). The bulls seem to be eyeing the next bullish wave above the $9,400 and $9,500 resistance levels. Bitcoin Price Approaching Next Break After a strong upward move, bitcoin found resistance near $9,400 against the US Dollar. Recently, BTC corrected lower below the $9,350 and $9,300 levels, but the bears struggled to gain strength. There was a break below the 23.3% Fib retracement level of the key upward move from the $8,875 low to $9,426 high. The price even spiked below the $9,200 support level. However, the bulls remained active above the main $9,150 support. It seems like the 50% Fib retracement level of the key upward move from the $8,875 low to $9,426 high acted as a strong support. More importantly, this week’s important bullish trend line is intact with support near $9,210 on the hourly chart of the BTC/USD pair. Bitcoin price is currently rising and it is trading above the $9,300 level. Bitcoin Price The first key resistance is near the $9,420 area. If the bulls manage to surpass the $9,420 level, there are high chances of a clear break above the $9,500 resistance area. In the mentioned case, the price is likely to surge towards the $9,880 and $10,000 levels in the coming sessions. Can BTC Bears Make It? On the downside, the trend line support near $9,210 is the first important support. The main support is near the $9,150 level. If bitcoin bears succeed in clearing the $9,150 support, the price is likely to start a larger decline towards the $8,860 support level or the 100 hourly simple moving average. An intermediate support is near $9,000 or the 76.4% Fib retracement level of the key upward move from the $8,875 low to $9,426 high. Technical indicators: Hourly MACD – The MACD is likely to move back into the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently rising and it is just above the 50 level. Major Support Levels – $9,150 followed by $9,000. Major Resistance Levels – $9,400, $9,425 and $9,500. The post appeared first on NewsBTC.

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