Bitcoin (BTC) Price Stable Above $9K But Can It Climb Again?
- Bitcoin price is struggling to climb higher above the $9,300 and $9,400 resistances against the US Dollar.
- The price is trading in a range above the key $9,000 and $8.960 support levels.
- There was a break below a connecting bullish trend line with support near $9,240 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- Both Ethereum and ripple are also trading in a range above $178 and $0.2850 respectively.
Bitcoin price is trading nicely above the $9,000 support against the US Dollar. Having said that, BTC price must climb above the $9,400 resistance to continue higher.
Bitcoin Price Analysis
This past week, bitcoin climbed higher steadily above the $9,200 and $9,300 resistance levels against the US Dollar. BTC even traded above the $9,350 resistance area and the 100 hourly simple moving average.
However, the price struggling to break the $9,400 resistance area. As a result, the price started a fresh decline from the $9,393 high. It traded back below the $9.300 level and the 100 hourly SMA.
More importantly, there was a break below a connecting bullish trend line with support near $9,240 on the hourly chart of the BTC/USD pair. A low was formed near $9,081 and the price is currently correcting higher.
It broke the 23.6% Fib retracement level of the recent decline from the $9,393 high to $9,081 low. However, the upward move was capped by the $9,240 level and the 100 hourly SMA.
It seems like the 50% Fib retracement level of the recent decline from the $9,393 high to $9,081 low is acting as a resistance for the bulls. If there are more gains, the $9,300 area is likely to act as a major hurdle in the near term for bitcoin.
If there is an upside break above the $9,300 resistance, the next stop for the bulls may perhaps be near the $9,380 and $9,400 resistance levels. Conversely, if there is a downward move, an initial support is near the $9,100 level. The main support is near the $9,000 level, below which there is a risk of another decline towards $8,500.
Looking at the chart, bitcoin is clearly facing a lot of resistances near the $9,300 and $9,400 levels. A successful close above the $9,400 level is must for bullish acceleration. If not, there is a risk of a downside extension below the $9,000 support.
Hourly MACD – The MACD is slowly moving into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently recovering higher and it could test the 50 level.
Major Support Levels – $9,000 followed by $8,896.
Major Resistance Levels – $9,200, $9,300 and $9,400.
Published at Mon, 04 Nov 2019 06:28:57 +0000