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Bitcoin Price Topside Bias Vulnerable Unless It Surges Past $9,500
Bitcoin started a strong downside correction from the $9,945 high against the US Dollar. BTC tested the $8,800 support area and it is currently correcting higher.Bitcoin is trading above the key $8,800 and $9,000 support levels.The price is facing a couple of key hurdles near the $9,400 and $9,500 levels.There is a major declining channel forming with resistance near $9,560 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).The pair must surge above $9,500 and $9,560 to avoid more losses in the near term.Bitcoin Trading Above Key SupportsThis past week, bitcoin formed a key short-term top just below the $10,000 level against the US Dollar. BTC price traded as high as $9,945 before it started a Bitcoin PriceTo move back into a positive zone, the price must climb above $9,400 and then gain pace above the channel resistance zone. The next key resistance is near the $9,800 level and $10,000 levels.More Losses?If bitcoin fails to stay clear the $9,400 resistance, the 100 simple moving average (4-hours), and $9,500, there is a risk of more losses in the near term.In the mentioned case, the price is likely to decline below the $9,000 support. The main support is near the $8,800 level, below which the bears are likely to aim a test of the $8,400 level.Technical indicators4 hours MACD – The MACD for BTC/USD is losing pace in the bullish zone.4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 45 level.Major Support Level – $9,000Major Resistance Level – $9,500Take advantage of the trading opportunities with Plus500Risk disclaimer: 76.4% of retail CFD accounts lose money.
Author: Aayush Jindal
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