Bitcoin Could Only Avoid Losses If It Gains Bullish Momentum...
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Bitcoin Could Only Avoid Losses If It Gains Bullish Momentum above $9,000 in the Near Term

In the previous session, the BTC price has remained well bid above the $8,680 support, and recently made an upside correction. The price managed to climb above the $8,800 resistance level, but it stayed well below the 100 hourly simple moving average (SMA).

Moreover, the price faced a resistance at the $9,000 zone and could not continue its uptrend. It appears the price failed to break the 50% Fib retracement level of the recent drop from the $9,305 high to $8,645 low.

Notably, there is a key bearish trend line forming on the BTC/USD hourly chart, with resistance near $8,910. The price is clearly struggling to break above the trend line and the $9,000 resistance level. The hourly MACD for the pair is about to move into the bearish zone. Its hourly RSI (Relative Strength Index) is currently declining and it is approaching the 40 level.

A successful break above the trend line resistance could lead the price to continue its rise towards the $9,100 resistance area. On the upside, an intermediate resistance is near the $9,050 level or the 61.8% Fib retracement level of the recent drop from the $9,305 high to $8,645 low.

To move into a positive zone and start any decent rise, the price must break the trend line resistance and then gain momentum above the $9,100 level in the near term. In the mentioned bullish case, the BTC price could increase its gains towards the $9,330 and $9,500 resistance levels.

If the price fails to break the trend line resistance and $9,000, it might trigger a bearish reaction. An initial support on the downside is near the $8,680 and $8,645 levels. A successful downside break below the $8,645 support could pave way for more losses. The next major support is close to the $8,400 level. A clear break below this support level could spark a sustained downtrend towards the $8,200 level in the coming days.

coinmag

Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.