Yesterday, the BTC price turned red after yet another failure near the $9,300 level. The BTC/USD pair started a sharp decline after meeting that strong resistance. The price broke the $9,200 support and the 100 hourly simple moving average (SMA) to move into a bearish zone. Moreover, there was a sharp decline below the $9,100 and $9,080 levels.
Notably, there was a break below a key bullish trend line on the BTC/USD hourly chart, with support at $9,185. The pair even broke the $9,000 barrier and traded as low as $8,933. It is currently making an upside correction above the $9,000 pivot level. There was also a break above the 23.6% Fib retracement level of the recent downtrend from the $9,302 high to $8,933 low.
BTC is currently trading near $9,100 and facing hurdles close to the $9,200 level. It seems like the 50% Fib retracement level of the recent downtrend from the $9,302 high to $8,933 low is preventing more gains. The hourly MACD for the pair is slowly moving back into the bullish zone. Its hourly RSI (Relative Strength Index) is currently just above the 40 level.
On the upside, the first major resistance is close to the $9,160 level and the 100 hourly SMA. The next major resistance is near the $9,200 level and a connecting bearish trend line on the same chart. If there is a clear break above $9,160 and $9,200, the price could revisit the main $9,300 resistance level.
However, it seems like the BTC price is likely to face a strong resistance near $9,160 and $9,200. If that happens, there are chances of another bearish wave. On the downside, an initial support is close to the $9,000 pivot level. A daily close below the $9,000 level could pave way for a massive decline towards the $8,800 support or $8,500 in the coming sessions.