Yesterday, the BTC price surged above the $8,800 resistance and tested the $9,000 zone. Moreover, there was a clear break above the 23.6% Fib retracement level of the key downward move from the $10,080 high to $8,267 low. The price traded well below the 100 hourly simple moving average (SMA) and topped near the $9,000 level.
However, the $9,000 zone acted as a strong resistance and prevented further gains. The price also failed to test the 50% Fib retracement level of the key downward move from the $10,080 high to $8,267 low.
Notably, there is a key connecting bearish trend line forming on the BTC/USD hourly chart, with resistance close to $9,040. The hourly MACD for the pair is about to move into the bullish zone. Its hourly RSI (Relative Strength Index) is currently rising towards the 50 level.
On the upside, it appears there is a major resistance forming near the $9,000 and $9,100 levels. A clear break above the $9,100 resistance and the trend line, could perhaps pave way for a decent upward move. An immediate resistance is close to $9,200, above which the price will most likely revisit the $9,500 resistance in the coming sessions.
On the downside, there is a key support base forming around the $8,250 and $8,200 levels. If the price fails to climb above $9,000, it could revisit the support range at $8,250. The bears need to close the day below the $8,250 and $8,200 support levels before they can begin another bearish wave. The next major support is close to the $8,000 level, below which there is a risk of a strong decline towards the $7,500 support zone.