Bitcoin Price Analysis: BTC Could Recover Towards $9,400

Bitcoin price declined heavily and traded below the $9,000 support against the US Dollar. The price traded as low as $8,400 and it is currently correcting higher. There is a major bearish trend line forming with resistance near $9,405 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could correct higher towards $9,400 if it breaks the $9,000 resistance. Bitcoin price is currently correcting higher above $8,800 against the US Dollar. BTC must surpass $9,000 to start a strong upward move towards $9,400 or even $9,500. Bitcoin Price Analysis This past week, we saw a downside extension in bitcoin price below the $9,200 support against the US Dollar. As a result, BTC declined below the $9,000 support and settled well below the 55 simple moving average (4-hours). The price traded as low as $8,400 and it is currently correcting higher. It climbed above the $8,600 level, plus the 23.6% Fib retracement level of the key decline from the $10,029 high to $8,400 low. The price also climbed above a major declining channel with resistance near the $8,650 level on the 4-hours chart of the BTC/USD pair. It has opened the doors for more gains above the $8,800 level. On the upside, there are a few key hurdles visible near the $8,970 level and the 55 simple moving average (4-hours). A clear break above the $8,970 and $9,000 levels could clear the path for bitcoin bulls to take control in the near term. The next major resistance is near the $9,215 level. It is the 50% Fib retracement level of the key decline from the $10,029 high to $8,400 low. There is also a major bearish trend line forming with resistance near $9,405 on the same chart. Therefore, a clear break above the $9,000 level may perhaps set the pace for a push towards the $9,400 resistance area. Conversely, the price might fail to continue above the $9,000 level or the 55 simple moving average (4-hours). In the mentioned case, it could dive back towards the $8,400 support area. Bitcoin Price Looking at the chart, bitcoin price is clearly showing a few positive signs of an upside correction above the $9,000 resistance level and the main target for the bulls might be $9,400. Technical indicators 4 hours MACD – The MACD is now moving back into the bullish zone. 4 hours RSI (Relative Strength Index) – The RSI is now rising and it is just above the 50 level. Key Support Levels – $8,700 and $8,400. Key Resistance Levels – $8,970, $9,000 and $9,400. Tags: bitcoin, BTC

Bitcoin Price Analysis: BTC Could Recover Towards $9,400
  • Bitcoin price declined heavily and traded below the $9,000 support against the US Dollar.
  • The price traded as low as $8,400 and it is currently correcting higher.
  • There is a major bearish trend line forming with resistance near $9,405 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could correct higher towards $9,400 if it breaks the $9,000 resistance.

Bitcoin price is currently correcting higher above $8,800 against the US Dollar. BTC must surpass $9,000 to start a strong upward move towards $9,400 or even $9,500.

Bitcoin Price Analysis

This past week, we saw a downside extension in bitcoin price below the $9,200 support against the US Dollar. As a result, BTC declined below the $9,000 support and settled well below the 55 simple moving average (4-hours).

The price traded as low as $8,400 and it is currently correcting higher. It climbed above the $8,600 level, plus the 23.6% Fib retracement level of the key decline from the $10,029 high to $8,400 low.

The price also climbed above a major declining channel with resistance near the $8,650 level on the 4-hours chart of the BTC/USD pair. It has opened the doors for more gains above the $8,800 level.

On the upside, there are a few key hurdles visible near the $8,970 level and the 55 simple moving average (4-hours). A clear break above the $8,970 and $9,000 levels could clear the path for bitcoin bulls to take control in the near term.

The next major resistance is near the $9,215 level. It is the 50% Fib retracement level of the key decline from the $10,029 high to $8,400 low. There is also a major bearish trend line forming with resistance near $9,405 on the same chart.

Therefore, a clear break above the $9,000 level may perhaps set the pace for a push towards the $9,400 resistance area. Conversely, the price might fail to continue above the $9,000 level or the 55 simple moving average (4-hours). In the mentioned case, it could dive back towards the $8,400 support area.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly showing a few positive signs of an upside correction above the $9,000 resistance level and the main target for the bulls might be $9,400.

Technical indicators

4 hours MACD – The MACD is now moving back into the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now rising and it is just above the 50 level.

Key Support Levels – $8,700 and $8,400.

Key Resistance Levels – $8,970, $9,000 and $9,400.

Tags: bitcoin, BTC

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