In the past session, there was a decent upward move in the BTC/USD pair above the $9,200 resistance. The BTC price even surged above the $9,300 level and the 100 hourly simple moving average (SMA). A recent high was formed close to $9,377 before the price started correcting lower.
The downward move was such that the price declined below the $9,320 and $9,300 support levels. However, it remained well supported above the $9,200 level and the 100 hourly SMA. A low is formed close to $9,205 and the price is currently consolidating gains. The 23.6% Fib retracement level of the recent decline from the $9,377 high to $9,205 low was broken.
It appears there is a crucial bullish trend line forming on the BTC/USD hourly chart, with support near $9,250. The hourly MACD for the pair is slowly moving into the bullish zone. Its hourly RSI (Relative Strength Index) is currently rising towards the 60 level.
On the upside, the key $9,300 level is acting as a resistance to prevent further gains. The 50% Fib retracement level of the recent decline from the $9,377 high to $9,205 low is also acting as a resistance. If the price continues higher above the $9,300 and $9,320 levels, it is likely to break the $9,377 resistance and target a new high. The next immediate resistance is formed near $9,400. A clear break above $9,400 could likely push the price towards the $9,500 level in the near term.
On the downside, the trend line support is acting as a strong pivot, followed by the $9,200 support zone. If the BTC/USD pair fails to stay above $9,200, it could test the 100 hourly SMA. Any further losses below the 100 hourly SMA or the $9,150 level could pave way for a massive decline towards the $9,000 support level in the near term.