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.