Bitcoin Price Analysis: BTC Starts Fresh Decline Below Key Supports | Live Bitcoin News
Bitcoin price is showing signs of bearish continuation below $9,400 against the US Dollar. BTC is currently testing the key $9,100 support, below which it could decline heavily.
Bitcoin Price Analysis
Recently, bitcoin price struggled to clear the $10,000 level and topped near the $10,030 level against the US Dollar. As a result, there was a sharp decline and BTC declined below the $9,500 and $9,400 levels.
Moreover, there was a close below the $9,500 level and the 55 simple moving average (4-hours). It opened the doors for more losses below $9,300 and $9,200. The price traded as low as $9,104 and it is currently showing many bearish signs.
If bitcoin starts a recovery, an initial resistance is near the $9,300 area. Moreover, the 23.6% Fib retracement level of the downside reaction from the $10,029 high to $9,104 low is also near the $9,325 level.
The next major resistance is near the $9,565 level since it is close to the 50% Fib retracement level of the downside reaction from the $10,029 high to $9,104 low. More importantly, there is a key bearish trend line forming with resistance near $9,780 on the 4-hours chart of the BTC/USD pair.
Therefore, upsides are likely to remain capped on the upside near the $9,500 and $9,565 levels. A convincing close above the $9,565 level and the 55 simple moving average (4-hours) is needed for more gains in the near term.
Conversely, bitcoin price might continue to move down below $9,100 and $9,000. If the bears gain momentum below $9,000, there is a risk of a sharp decline in the coming days. The next major support is seen near the $8,540 and $8,480 levels.
Looking at the chart, bitcoin price is back in a bearish zone and it is currently trading near the key $9,100 support area. If it declines further, the bulls are likely to struggle and the bears are likely to aim $8,540.
4 hours MACD – The MACD is now gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now sliding and it is well below the 40 level.
Key Support Levels – $9,100 and $9,000.
Key Resistance Levels – $9,320, $9,565 and $9,700.
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