What Happened Yesterday in the Bitcoin Market? Here are the levels to see and watch
According to popular analyst Aayush Jindal, BTC is currently showing signs of decline and may have difficulty staying above the $ 9,000 support.
- Bitcoin fell below the $ 9,120 support and traded close to the $ 9,000 support.
- The price is currently improving, but it faces many hurdles around $ 9,150.
- On the hourly chart of the BTC / USD pair (data flow from Kraken) there is a significant bearish trend line formed with resistance at $ 9,150.
- According to the analyst, the pair should clear the $ 9,150 and $ 9,200 resistance levels to start a good upward move.
Aayush Jindal: Bitcoin price shows bearish signs
In the past few sessions, Bitcoin has trended down below the $ 9,300 resistance level against the US dollar. BTC traded below the $ 9,200 support level and the 100 hourly simple moving average. BTC even broke the $ 9,120 support level and traded towards the $ 9,000 level. There was a low near the $ 9,022 level and the price is getting even better now.
There was a break above the $ 9,100 level. The bulls dropped the price from $ 9,275 to $ 9,022, above the 23.6% Fib retracement level of the recent decline. On the upside, the $ 9,150 level seems to be a strong resistance. Also, there is a significant bearish trend line formed with resistance near $ 9,150 on the hourly chart of the BTC / USD pair. The trendline corresponds to the 50% Fib retracement level that has recently declined from $ 9,275 to $ 9,022.
Here are the critical levels Bitcoin can see, according to the analyst.
Therefore, according to the analyst, the price should clear the $ 9,200 resistance or the trend line resistance towards the 100 hourly simple moving average. Increasingly, the main resistance is still close to $ 9,300, according to the analyst, so bulls are likely to target a strong rally in the next sessions. If bitcoin price cannot recover above the $ 9,150 and $ 9,200 resistance levels, it may continue to decline, according to the analyst.
The first support in the disadvantage is close to the $ 9,000 level, according to the analyst. The main bullish trend support is near the $ 8,800 level and the 100-day SMA (as discussed yesterday), according to the analyst. According to the analyst, a successful break below the $ 8,800 support could trigger a continuous downward move.
Current view of Bitcoin price with technical indicators
Hourly MACD: For the BTC / USD pair, the MACD is likely to return to the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC / USD is trying to rise above the 50 level.
Major Support Levels: $ 9,020 and then $ 9,000.
Major Resistance Levels: $ 9,150, $ 9,200 and $ 9,300.