- Bitcoin price surges above $9,000 but fails to break both the channel and $9,200 resistance.
- BTC/USD remains in the hands of the bulls above $9,000 but must rise above $9,200 to escape the danger zone.
Bitcoin price recent stability above $8,800 was a key ingredient to the surge that occurred past $9,000 critical level on Thursday. In other words, the consolidation at this zone was key to the bullish reversal that touched $9,177 (weekly high). However, the bulls’ mojo was put on a test with BTC/USD forced under $9,100 where the price brushed shoulders with $9,000 again.
Interestingly, the buyers waiting to buy low defended Bitcoin from a devastating return into the $8,000 range. For now, BTC/USD is trading at $9,050 while pushing for gains towards the short term resistance at $9,100. Bitcoin’s immediate downside is supported by an accelerated trendline (dotted line). The heavily guarded $9,000 is also a key support in the line of action in the event losses come into play.
BTC/USD 1-hour chart
Looking at the 1-hour chart, Bitcoin is likely to remain bullish as it ushers in the weekend trading session. The price is above the moving averages whereby the 50 SMA is increasing the gap separating it with the 100 SMA. The Relative Strength Index (RSI) is settled marginally past 50 (indicator’s average). The RSI needs to advance to 70, to encourage the bulls to increase their entries in order to push Bitcoin out of the danger zone (under $9,100). A step above $9,100 is likely to attract more investors and Bitcoin long traders who would like to see the largest cryptocurrency back to coveted $10,000.
Bitcoin Key Levels
Spot rate: $9,050
Relative change: -21
Percentage change: -0.20%
Support: $9,000, $8,800 and $8,600
Resistance: $9,100, $9,200 and $9,400
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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige