BTC Is Currently Showing Recovery Signs, but Could Face Resi...
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BTC Is Currently Showing Recovery Signs, but Could Face Resistance Near the $9,500 Level

In the previous week, BTC declined steadily from well above the $9,500 resistance level. Moreover, it traded below the $9,300 support level and even settled well below the 100 simple moving average (4-hours).

A low was formed close to the $9,165 level before it recently started a decent uptrend. During the upward move, there was a break above the $9,250 and $9,300 resistance levels. The bulls managed to push the price above the 23.6% Fib retracement level of the recent decline from the $9,587 high to $9,165 low.

Notably, there was a break above a major bullish flag pattern on the BTC/USD 4-hours chart, with resistance near $9,340. This has paved way for more gains above the $9,350 level. The 4-hours MACD for the pair is slowly gaining strength in the bullish zone. Its 4-hours RSI (Relative Strength Index) is currently just above the 50 level.

The BTC price is currently testing the 50% Fib retracement level of the recent decline from the $9,587 high to $9,165 low. A clear break above $9,400 could open doors for a push towards the main $9,500 resistance zone. The 100 SMA (4-hours) is also waiting near the $9,500 resistance area. Therefore, to begin any decent uptrend, an upside break above the $9,500 resistance zone is needed. The next major resistances on the upside are seen near the $9,800 and $9,840 levels.

However, if BTC fails to clear the $9,400 and $9,500 resistance levels, there is a risk of a fresh decline. On the downside, an initial support is close to the broken flag resistance at $9,300. Meanwhile, the main support is now forming close to the $9,080 level. A clear break below the main support could trigger a larger decline below the $9,000 support in the coming sessions.

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.