- Bitcoin price is currently consolidating above the $9,120 and $9,100 support levels.
- It is facing a strong resistance near $9,275 and the 55 simple moving average (4-hours).
- There is a crucial breakout pattern forming with resistance near $9,275 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair must climb above the $9,275 and $9,325 resistance levels for a fresh rally.
Bitcoin price is struggling to clear a few key hurdles near $9,300 against the US Dollar. BTC could either start a strong rally above $9,325 or it might nosedive below $9,100.
Bitcoin Price Analysis
In the past few days, bitcoin price followed a bearish pattern from the $9,470 high against the US Dollar. BTC traded below the $9,400 and $9,325 support levels. It even traded below the $9,200 level and the 55 simple moving average (4-hours).
Recently, there was a spike below the $9,125 support zone and the price traded as low as $9,099. It is currently correcting higher and trading above the $9,180 level.
There was a break above the 23.6% Fib retracement level of the downward move from the $9,470 high to $9,099 low. However, the price is now facing a strong resistance near $9,275 and the 55 simple moving average (4-hours).
There is also a crucial breakout pattern forming with resistance near $9,275 on the 4-hours chart of the BTC/USD pair. The triangle resistance is close to the 50% Fib retracement level of the downward move from the $9,470 high to $9,099 low.
If bitcoin breaks the triangle resistance, it could make an attempt to clear the $9,325 resistance zone. If the bulls succeed in gaining strength, there are chances of a sustained upward move towards the $9,470 and $9,540 levels in the coming sessions.
Conversely, the price could dive again from the $9,275 resistance level. The main support is near the $9,125 level and the triangle lower trend line. A daily close below the triangle support could accelerate losses and the price might dive towards the $8,900 and $8,800 levels.
Looking at the chart, bitcoin price is clearly trading near a crucial resistance at $9,275 and $9,300. Therefore, it could either start a strong rally above $9,325 or it might nosedive below $9,100.
Technical indicators
4 hours MACD – The MACD is currently losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is currently close to the 50 level.
Key Support Levels – $9,125 and $8,900.
Key Resistance Levels – $9,275, $9,325 and $9,470.