Bitcoin (BTC) Price Likely Positioned For Next Rally @newsbtc #Analysis #Technical #bitcoin #btc

• Bitcoin price is holding the key $9,000 support area against the US Dollar.
• The price is facing a couple of short term resistances near the $9,200 and $9,400 levels.
• This week’s followed major be...
  • Bitcoin price is holding the key $9,000 support area against the US Dollar.
  • The price is facing a couple of short term resistances near the $9,200 and $9,400 levels.
  • This week’s followed major bearish trend line is active with resistance near $9,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to rally if it breaks the $9,200 resistance and the $9,320 pivot level.

  Bitcoin price is showing a lot of positive signs above $9,000 against the US Dollar. Overall, BTC is likely rally once again above the $9,200 and $9,320 resistances.

  Bitcoin Price Analysis

  Recently, there were mostly range moves above the $9,000 support area against the US Dollar. BTC corrected lower below the $9,150 level and settled below the 100 hourly simple moving average.

  The recent low was formed near the $9,013 and the price is currently holding the $9,000 support area. It is climbing higher and trading above the $9,100 level. Moreover, there was a break above the 23.6% Fib retracement level of the recent decline from the $9,534 high to $9,013 low.

  However, the price seems to be facing resistance near $9,200 and the 100 hourly simple moving average.  Additionally, this week’s followed major bearish trend line is active with resistance near $9,150 on the hourly chart of the BTC/USD pair.

  Above the trend line, the 50% Fib retracement level of the recent decline from the $9,534 high to $9,013 low is near the $9,275 area. Therefore, the price could start a solid rise if there is a break above the $9,200 and $9,275 resistances.

  An immediate resistance is near the $9,320 level and the 100 hourly simple moving average. Besides, the 76.4% Fib retracement level of the recent decline from the $9,534 high to $9,013 low is also near the $9,400 area.

  A successful close above the $9,400 level is must for bitcoin to move into a positive zone. On the downside, there is a strong support forming near the $9,000 area. If there is a bearish break below $9,000, the price could start a strong decline towards $8,800 or $8,700.

  

  Looking at the chart, bitcoin is clearly trading nicely above the $9,000 support area, which holds the key. An upside break above the $9,200 and $9,320 levels is must for a fresh increase. If not, there could be a bearish wave below $9,000.

  Technical indicators:

  Hourly MACD – The MACD is struggling to gain pace in the bullish zone.

  Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is facing hurdles near the 45 and 50 levels.

  Major Support Levels – $9,000 followed by $8,800.

  Major Resistance Levels – $9,200, $9,320 and $9,400.

  The post Bitcoin (BTC) Price Likely Positioned For Next Rally appeared first on NewsBTC.

  
  
  source https://www.tokentalk.co/NewsBTC/bitcoin-btc-price-likely-positioned-for-next-rally-5dba80d13b5a709c14f64b0d