This Technical Pattern Suggests Bitcoin’s $9K Deadlock Could Be Over Soon
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 is still struggling to settle above the $9,200 and $9,220 resistance levels.
- The price is currently trading above the $9,150 support and the 100 hourly simple moving average.
- There is a crucial bullish trend line forming with support near $9,155 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to gain bullish momentum as long as it is above the $9,150 and $9,120 support levels.
Bitcoin Price is Holding Key Supports
In 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 Support
On 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.
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.