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Bitcoin Trading Near Last Line of Defense: Can Bulls Save the Day?

Bitcoin Trading Near Last Line of Defense: Can Bulls Save the Day?

Bitcoin didn’t climb above the $9,300 resistance and prolonged its decline in opposition to the US Dollar. BTC is at the moment exhibiting bearish indicators and it’d wrestle to remain above the $9,000 help.

  • Bitcoin declined under the $9,120 help and traded near the $9,000 help.
  • The value is at the moment recovering, however it’s going through lots of hurdles close to $9,150.
  • There is an important bearish development line forming with resistance close to $9,150 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair should clear the $9,150 and $9,200 resistance ranges to begin an honest upward transfer.

Bitcoin Price is Showing Bearish Signs

In the previous few classes, bitcoin adopted a bearish path under the $9,300 resistance in opposition to the US Dollar. BTC traded under the $9,200 help stage and the 100 hourly easy transferring common.

It even broke the $9,120 help stage and traded in the direction of the $9,000 stage. A low is fashioned close to the $9,022 stage and the worth is at the moment correcting larger. There was a break above the $9,100 stage. The bulls pushed the worth above the 23.6% Fib retracement stage of the latest decline from the $9,275 excessive to $9,022 low.

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On the upside, the $9,150 stage appears to be appearing as a robust resistance. There can be an important bearish development line forming with resistance close to $9,150 on the hourly chart of the BTC/USD pair.

Bitcoin value under $9,200: Source: TradingView.com

The development line coincides with the 50% Fib retracement stage of the latest decline from the $9,275 excessive to $9,022 low. Therefore, the worth should clear the development line resistance to recuperate in the direction of the $9,200 resistance or the 100 hourly easy transferring common.

The major resistance on the upside continues to be close to the $9,300 stage, above which the bulls are more likely to purpose a robust rally within the coming classes.

More Losses in BTC

If bitcoin value fails to recuperate above the $9,150 and $9,200 resistance ranges, it might resume its decline. The first help on the draw back is close to the $9,000 stage.

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The major uptrend help is close to the $8,800 stage and the 100-day SMA (as mentioned yesterday). A profitable break under the $8,800 help could maybe begin a sustained downward transfer.

Technical indicators:

Hourly MACD – The MACD is more likely to transfer again into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is struggling to maneuver above the 50 stage.

Major Support Levels – $9,020, adopted by $9,000.

Major Resistance Levels – $9,150, $9,200 and $9,300.

EditorialTeam

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