BTC Just Plunged to 9,750 Level, But There Are Still Chance ...
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BTC Just Plunged to 9,750 Level, But There Are Still Chance to Bounce Back

The bitcoin price recently saw a steady increase above the $9,650 and $9,800 levels against the USD. BTC even settled above the $9,880 resistance and the 100 hourly simple moving average (SMA).

The price finally tested the $10,000 resistance area, where it started to decline. Double attempts to push the price above $10,020 all failed so there was a sharp bearish reaction below the $9,880 and $9,800 levels. The recent decline saw the price dropped sharply below $9,750 and the 100 hourly SMA.

However, the downtrend found support at the $9,650 support area. The price currently trading above $9,700 and the 23.6% Fib retracement level of the recent downtrend from the $10,020 high to $9,599 low.

Notably, there is this formation of a major bullish trend line with support near $9,750 on the BTC/USD pair hourly chart. The price is now consolidating above the trend line, below which BTC could revisit the key $9,650 support area.

The next key support is close to the $9,500 level, where the bulls are likely to take a stand. Any further losses may perhaps trigger a downtrend towards the $9,340 support area.

On the upside, the price could bounce back as long as it trades above $9,500. An initial resistance on the upside is around the $9,800 level. It represents the 50% Fib retracement level of the recent downtrend from the $10,020 swing high to $9,599 low.

A clear break above $9,800 could set the pace for the bulls to clear the $10,000 and $10,020 resistance levels.

Technical indicators also suggest that the hourly MACD for BTC/USD pair is slowly gaining strength in the bearish zone. The hourly RSI (Relative Strength Index) for the pair is now below the 50 level, with a few bearish signs. Major support levels are at $9,650 and $9,500, whereas major resistance levels are also at $9,800, $10,000 and $10,020.

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.

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