Bitcoin Fell Hard! Here are the critical levels to see and watch
Bitcoin was once again rejected near the $ 9,300 resistance against the US dollar.
Bitcoin Fell Hard! Here are the critical levels to see and watch.
According to popular technical analyst Aayush Jindal, BTC is currently recovering, but it carries a greater risk of further negativity below $ 9,000.
- Bitcoin has surpassed $ 9,302 in the past few hours and then fell more than $ 300.
- The price is now trading below the $ 9,200 and 100 hourly simple moving average.
- There was a break below a critical bullish trend line on the hourly chart of the BTC / USD pair (data flow from Kraken) with support at $ 9,185.
- According to the analyst, the pair will fail again around $ 9,200 and may continue to fall below $ 9,000.
Analyst: Bitcoin price is back on the red board!
After another $ 9,300 failure, Bitcoin started a sharp drop against the US dollar. BTC broke the $ 9,200 support and the 100 hourly simple moving average to move to the bearish zone. There was a sharp decline below the $ 9,100 and $ 9,080 levels. More importantly, there was a break below the critical bullish trend line with support at $ 9,185 on the hourly chart of the BTC / USD pair.
The pair even broke the $ 9,000 level and traded as low as $ 8,933. It is currently correcting above the $ 9,000 pivot level. There was a drop from $ 9,302 to $ 8,933 above the 23.6% Fib retracement level of the last drop. BTC is currently trading around $ 9,100 and is facing obstacles near the $ 9,200 level. The recent 50% Fib retracement level seems to be resistance.
Here are the levels Bitcoin can see after the sharp drop
According to the first major resistance analyst, it is near the $ 9,160 level and the 100-hour SMA. The next hurdle is close to the $ 9,200 level and a linked bearish trend line on the same chart, according to the analyst. According to the analyst, if there is an upside break above $ 9,160 and $ 9,200, the price may revisit the main resistance level of $ 9,300.
It seems that bitcoin price will face strong resistance at around $ 9,160 and $ 9,200. According to the analyst, if BTC could not recover above $ 9,200, there is a possibility of another bearish wave. According to the initial support analyst, it is close to the $ 9,000 pivot level. According to the analyst, the daily close below the $ 9,000 level could open the doors for a $ 8,800 support or a larger drop in the near term to $ 8,500.
Current view of Bitcoin price with technical indicators
Hourly MACD: For the BTC / USD pair, the MACD is slowly returning to the bull zone.
Hourly RSI (Relative Strength Index): The RSI for BTC / USD is currently slightly above the 40 level.
Major Support Levels: $ 9,000, then $ 8,800.
Major Resistance Levels: $ 9,160, $ 9,200 and $ 9,300.