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Technicals Suggest Bitcoin Needs To Clear $9,100 For Hopes of a Fresh Rally

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Bitcoin jumped above the $8,800 and $9,000 resistance levels against the US Dollar. However, BTC is facing a major hurdle at $9,100, above which it could rally sharply. Bitcoin is currently consolidating in a broad range below the $9,000 and $9,100 levels. The main support on the downside is forming near the $8,250 and $8,200 levels. There is a key connecting bearish trend line forming with resistance near $9,040 on the hourly chart of the BTC/USD pair (data feed from Kraken). The bulls need to gain momentum above $9,000 and $9,100 for a sustained upward move. Bitcoin Could Struggle Near $9,000 and $9,100 Yesterday, we discussed a possible push in bitcoin price towards the $9,000 resistance against the US Dollar. BTC price did surge above the $8,800 resistance and tested the $9,000 pivot zone. There was a break above the 23.6% Fib retracement level of the key decline from the $10,080 swing high to $8,267 low. On the upside, the $9,000 zone acted as a strong resistance and prevented further gains. Bitcoin price remained well below the 100 hourly simple moving average and topped near the $9,000 level. It even failed to test the 50% Fib retracement level of the key decline from the $10,080 swing high to $8,267 low. More importantly, there is a key connecting bearish trend line forming with resistance near $9,040 on the hourly chart of the BTC/USD pair. It seems like there is a major hurdle forming for the bulls near the $9,000 and $9,100 levels. Bitcoin Price If there is an upside break above the $9,100 resistance and the trend line, there are chances of a sustained upward move. An immediate resistance is near $9,200, above which the price will most likely revisit the $9,500 resistance in the near term. Breakdown Support On the downside, there is a crucial support base forming near the $8,250 and $8,200 levels. If bitcoin fails to climb above $9,000, it could revisit the range support at $8,250. To start another bearish wave, the bears need to clear the $8,250 and $8,200 support levels. The next key support is seen near the $8,000 level, below which there is a risk of a significant decline towards the $7,500 support zone. Technical indicators: Hourly MACD – The MACD is about to move into the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently rising towards the 50 level. Major Support Levels – $8,400 followed by $8,250. Major Resistance Levels – $9,000, $9,100 and $9,175.

OhNoCrypto

via https://www.ohnocrypto.com

Aayush Jindal, Khareem Sudlow