Bitcoin is correcting losses from the $8,400 region against the US Dollar. It seems like BTC price is likely to extend its recovery above the $9,000 in the coming sessions. Bitcoin is up more than 2% and it recovered above the $8,800 resistance against the US Dollar. The price is now testing the last swing high and a short term resistance near the $8,970 level. There was a break above a contracting triangle with resistance near $8,610 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to accelerate its rise above the $8,970 and $9,000 resistance levels. Bitcoin Gaining Traction After forming a short term bottom near the $8,400 area, bitcoin started a decent recovery against the US Dollar. BTC price surpassed a couple of key hurdles near $8,600, $8,620, 100 SMA to enter a positive zone. The recovery wave was initiated after there was a break above a contracting triangle with resistance near $8,610 on the hourly chart of the BTC/USD pair. The pair gained traction and settled above $8,700 and the 100 hourly simple moving average. Bitcoin Price Bitcoin is up more than 2% and it recently tested the $8,970 swing high and a short term resistance. A high is formed near $8,967 and the price is currently correcting lower. It is testing the 23.6% Fib retracement level of the recent recovery from the $8,397 low to $8,961 high. If there are more losses, the price could test the $8,700 support area and the 100 hourly simple moving average. More importantly, the 50% Fib retracement level of the recent recovery from the $8,397 low to $8,961 high is near the $8,680 level to provide support. On the upside, the $8,970 and $9,000 levels are key hurdles for the bulls. A successful break above the $9,000 resistance area is likely to set the pace for more upsides towards the $9,200 resistance area. $9,000 as Key Hurdle The $9,000 resistance area could play a major role in the next 2-3 sessions. If bitcoin fails to climb above $8,970 and $9,000, there is a risk of a fresh decline. The main support is near the $8,680 level, below which there is a risk of a sharp drop towards the $8,400 region. Any further losses may perhaps lead the price towards the crucial $8,200 support area. Technical indicators: Hourly MACD – The MACD is now moving back in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower towards the 50 level. Major Support Levels – $8,680 followed by $8,400. Major Resistance Levels – $8,970, $9,000 and $9,200.
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