BTC Could Start a Fresh Rally Soon As Long As It Stays above...
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BTC Could Start a Fresh Rally Soon As Long As It Stays above the 100 Hourly SMA

In the past few sessions, the BTC/USD pair remained well bid above the $9,000 support. The price also settled above the $9,100 level and the 100 hourly simple moving average (SMA). Nonetheless, the BTC bulls are facing a few important resistances near $9,200, $9,300 and $9,320. A recent high was formed close to $9,225 before the price started to decline. The downward move was limited below the $9,100 level and the 100 hourly SMA.

Moreover, the price broke the 23.6% Fib retracement level of the recent upward move from the $8,813 low to $9,225 high. It appears like there is a key contracting triangle forming on the BTC/USD hourly chart, with resistance near $9,160. The hourly MACD for the pair is now struggling to gain momentum in the bullish zone. Its hourly RSI (Relative Strength Index) is also attempting to break above the 50 level.

If there is an upside break above the triangle resistance, the BTC price could start a fresh increase. An immediate resistance on the upside could be the $9,225 high. Meanwhile, the main resistance is still formed close to $9,300. A daily close above the $9,300 and $9,320 resistance levels will most likely pave way for a massive upward move in the coming sessions. The next key resistance is close to the $9,500 and $9,550 levels.

On the other hand, if the BTC price breaks below the 100 hourly SMA, the bears are likely to gain momentum. On the downside, the triangle support at $9,100 and the 100 hourly SMA are acting to prevent more losses. The next major support is close to the $9,000 level or the 50% Fib retracement level of the recent upward move from the $8,813 low to $9,225 high. A downside break below the $9,000 support could likely lead the price towards the $8,800 support level.

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.