The price of Bitcoin began a downward correction from well above the $ 9,550 area against the US dollar. BTC broke the $ 9,220 key support and is now operating in a short-term bearish zone.
- Bitcoin recently declined below the $ 9,300 and $ 9,200 levels against the US dollar.
- The price was negotiated near the $ 9,050 level and is currently correcting higher.
- An important downtrend line is forming with a resistance close to $ 9,220 on the hourly chart of the BTC / USD pair (Kraken data).
- The bulls need to bring the price above $ 9,220 and $ 9,320 to raise the price to a positive zone.
Bitcoin falls below the key support
Yesterday, we discussed the possibilities of more disadvantages in bitcoin below $ 9,400 against the US dollar. BTC declined recently and traded below the key support area of $ 9,220.
In addition, there was a close below the $ 9,300 level and the simple moving average of 100 hours. Finally, the price was negotiated near the support area of $ 9,050 and formed a minimum at $ 9,079.
He is currently correcting higher and quoting above the $ 9,200 level. In addition, Bitcoin is testing the 23.6% Fibonacci retracement level of the recent decline from the high of $ 9,609 to the low of $ 9,079.
More importantly, an important downtrend line is forming with a resistance close to $ 9,220 on the BTC / USD hourly chart. Therefore, the pair must rise above the $ 9,200 and $ 9,220 levels.
The next key resistance is close to the $ 9,320 level and the simple moving average of 100 hours. In addition, the 50% Fibonacci retracement level of the recent fall from the high of $ 9,609 to the low of $ 9,079 is close to the level of $ 9,345.
Therefore, a clear break above the $ 9,345 level is needed to boost the $ 9,500 and $ 9,600 resistance levels. The next major obstacle is still close to the $ 10,000 level.
Next key shopping area
On the negative side, decent support is forming near the $ 9,100 area. The current price action suggests that the price could continue to fall below the $ 9,100 and $ 9,000 levels.
If there is a clear break below the $ 9,000 handle, the price of bitcoin could fall further. The next major support is seen near the $ 8,870 and $ 8,800 levels, where the bulls are likely to take a firm stand.
MACD per hour: MACD is slowly gaining pace in the bullish zone.
RSI (Relative Strength Index) per hour: the RSI for BTC / USD is currently rising towards level 50.
Main support levels: $ 9,100 followed by $ 9,000.
Major resistance levels: $ 9,220, $ 9,320 and $ 9,345.