During the previous session, we witnessed a lot of positive signs above $9,100 for the BTC/USD pair. The BTC price started a steady rise and it cleared the main $9,250 and $9,300 resistance levels to move into a positive zone. Moreover, it spiked above the $9,300 level and settled above the 100 hourly simple moving average (SMA).
A new weekly high is formed close to $9,372 and the price is currently making a downside correction. It dropped below the 23.6% Fib retracement level of the recent upward move from the $9,178 low to $9,372 high.
It appears like there is a short-term ascending channel forming on the BTC/USD hourly chart, with support close to $9,290. The hourly MACD for the pair is slowly moving into the bearish zone. Its hourly RSI (Relative Strength Index) is now correcting lower towards the 50 level.
On the downside, an initial support is forming at $9,290. The next major support is close to the $9,275 level. It is near the 50% Fib retracement level of the recent upward move from the $9,178 low to $9,372 high. If BTC starts a major downside correction below $9,290 or $9,275, the next support for the bulls is near the $9,245 level.
Another major support is also seen close to the $9,180 level. A clear break below $9,180 could likely push the price back into a bearish zone in the near term. In such bearish case, the BTC price may perhaps revisit the $9,000 level.
On the other hand, the $9,350 and $9,375 levels are acting as short-term hurdles to prevent more gains. If the BTC price gains pace above the $9,375 resistance, it could continue to rise towards the next major resistance near the $9,500 level. Any further gains could perhaps pave way for a massive rally towards the $9,800 level in the coming sessions.