This Technical Pattern Suggests Bitcoin’s $9K Deadlock Could Be Over Soon

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This Technical Pattern Suggests Bitcoin’s K Deadlock Could Be Over Soon
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Bitcoin is trading above the $9,150 support against the US Dollar. BTC seems to be preparing for a major increase if it succeeds in clearing the $9,200 resistance zone.

  • Bitcoin is still struggling to settle above the $9,200 and $9,220 resistance levels.
  • The price is currently trading above the $9,150 support and the 100 hourly simple moving average.
  • There is a crucial bullish trend line forming with support near $9,155 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to gain bullish momentum as long as it is above the $9,150 and $9,120 support levels.

Bitcoin Price is Holding Key Supports

In the past few sessions, bitcoin made a couple of attempts to gain strength above $9,200 against the US Dollar. However, BTC struggled to settle above the $9,200 resistance and traded in a contracted range.

The last swing low was near $9,133 and the price is currently trading above the $9,150 level. It also settled above the $9,150 level and the 100 hourly simple moving average. The bulls were able to lead the price above the 23.6% Fib retracement level of the recent decline from the $9,238 high to $9,133 low.

On the upside, the bulls seem to be facing a major hurdle near the $9,200 level. The recent recovery failed to surpass the 61.8% Fib retracement level of the recent decline from the $9,238 high to $9,133 low.

Bitcoin Price

Bitcoin Price

Bitcoin price holding $9,000: Source: TradingView.com

There is also a connecting bearish trend line forming with resistance near $9,185 on the hourly chart of the BTC/USD. If the pair breaks the trend line resistance and settles above $9,200, it could continue to climb. The next resistance is near the $9,300 level, above which the next stop could be $9,500 or $9,550.

BTC’s Breakdown Support

On the downside, there is a crucial bullish trend line forming with support near $9,155 on the same chart. The trend line support is close to the 100 hourly SMA.

If there is a bearish break below the $9,150 support and the 100 hourly SMA, the bulls are likely to face an increase in selling pressure. Any further losses below $9,120 could push the price towards the main $9,000 support.

Technical indicators:

Hourly MACD – The MACD is currently losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just above the 50 level.

Major Support Levels – $9,150, followed by $9,120.

Major Resistance Levels – $9,200, $9,240 and $9,300.

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Image Credit: Refer to Source
Author: Refer to Source Aayush Jindal

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