BTC Is Now Approaching A Crucial Juncture and Could Either R...
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BTC Is Now Approaching A Crucial Juncture and Could Either Rally Above $9,200 or Decline Sharply Below $9,000

In the previous week, BTC/USD made another attempt to gain traction above $9,300 resistance, but it failed. The pair consolidated losses, and declined below the $9,200 support level and the 100 simple moving average (4-hours). Moreover, the BTC price even dropped below the $9,000 support level and traded as low as $8,933. 

Recently, there was a fresh uptrend above the $9,000 level and it appears the price is forming a decent support base above the $9,000 level. There was a break above the 50% Fib retracement level of the recent downtrend from the $9,300 high to $8,933 low. BTC is now facing a major barrier near the $9,150 and $9,200 levels. 

There is also a crucial bearish trend line forming on the BTC/USD 4-hours chart, with resistance close to $9,140. The 4-hours MACD for the pair is now gaining pace in the bullish zone. Its 4-hours RSI (Relative Strength Index) is currently just above the 50 level. The trend line is near the 61.8% Fib retracement level of the recent downtrend from the $9,300 high to $8,933 low. 

Above the trend line, the 100 SMA (4-hours) is near the $9,220 level and acting as resistance. Meanwhile, the main resistance is still formed close to the $9,300 level. Therefore, BTC must clear the $9,200 and $9,300 resistance levels to start a decent increase in the near term. In such bullish case, the price might easily rise towards the $9,500 and $9,600 levels.

However, if BTC fails to clear the $9,200 and $9,300 resistance levels, there is a risk of a sharp decline. The first major support on the downside is near the $9,000 level and connecting bullish trend line on the same chart. A successful break and close below the $9,000 support could trigger a sustained downtrend below the $8,800 level in the coming sessions. The next major support is close to the $8,500 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.