BTC Is Currently Recovering but Could Start a Fresh Decline ...
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BTC Is Currently Recovering but Could Start a Fresh Decline If It Fails to Break the $9,200 Barrier

After the BTC/USD pair witnessed a strong decline below $9,000, it eventually found support near the $8,800 level. The BTC price traded to a new monthly low at $8,813 and recently started correcting higher. Moreover, there was a break above the $9,000 resistance level. The bulls even managed to push the price above a connecting bearish trend line forming on the BTC/USD hourly chart, with resistance near $9,100.

Nonetheless, the pair is still facing resistance close to $9,200 and the 100 hourly simple moving average (SMA). A recent high is formed close to $9,190 and the price is now trading in a range. At press time, BTC is up by 0.6% and is trading at $9,070. The hourly MACD for the pair is slowly moving in the bearish zone. Its hourly RSI (Relative Strength Index) is currently just above the 50 level.

On the upside, an initial resistance is seen close to the $9,150 level and the 100 hourly SMA. There is also a key bearish trend line forming on the same chart, with resistance close to $9,260. Meanwhile, the main resistance is formed near the $9,300 level, above which BTC is likely to gain bullish momentum in the coming sessions. The next major resistance above $9,300 could be at $9,500.

However, if BTC fails to clear the $9,200 and $9,300 resistance levels, it could trigger a bearish reaction. An initial support is close to the 23.6% Fib retracement level of the recent rise from the $8,813 low to $9,190 low. The first major support is close to the $9,040 level. It is followed by the 50% Fib retracement level of the recent rise from the $8,813 low to $9,190 low. A successful bearish break and close below $9,000 could spark a fresh decline. In the mentioned bearish case, BTC is likely to revisit the $8,813 low or even $8,000 in the near term.

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.