Bitcoin is trading above the $9,150 support against the US Dollar. BTC seems to be preparing for a major increase if it succeeds in clearing the $9,200 resistance zone.
Bitcoin Price is Holding Key SupportsIn the past few sessions, bitcoin made a couple of attempts to gain strength above $9,200 against the US Dollar. However, BTC struggled to settle above the $9,200 resistance and traded in a contracted range. The last swing low was near $9,133 and the price is currently trading above the $9,150 level. It also settled above the $9,150 level and the 100 hourly simple moving average. The bulls were able to lead the price above the 23.6% Fib retracement level of the recent decline from the $9,238 high to $9,133 low. On the upside, the bulls seem to be facing a major hurdle near the $9,200 level. The recent recovery failed to surpass the 61.8% Fib retracement level of the recent decline from the $9,238 high to $9,133 low. Bitcoin price holding $9,000: Source: TradingView.com There is also a connecting bearish trend line forming with resistance near $9,185 on the hourly chart of the BTC/USD. If the pair breaks the trend line resistance and settles above $9,200, it could continue to climb. The next resistance is near the $9,300 level, above which the next stop could be $9,500 or $9,550. BTC’s Breakdown SupportOn the downside, there is a crucial bullish trend line forming with support near $9,155 on the same chart. The trend line support is close to the 100 hourly SMA. If there is a bearish break below the $9,150 support and the 100 hourly SMA, the bulls are likely to face an increase in selling pressure. Any further losses below $9,120 could push the price towards the main $9,000 support. Technical indicators: Hourly MACD – The MACD is currently losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just above the 50 level. Major Support Levels – $9,150, followed by $9,120. Major Resistance Levels – $9,200, $9,240 and $9,300. Via https://www.newsbtc.com/2020/07/21/bitcoin-9k-deadlock-could-be-over-soon/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-9k-deadlock-could-be-over-soon |
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