Bitcoin Technical Analysis: BTC/USD Motionless At $9,100, Is It Over For The Bulls?

Bitcoin

Bitcoin Technical Analysis: BTC/USD Motionless At $9,100, Is It Over For The Bulls?

  • Bitcoin price is pivotal at $9,100 even as selling pressure mounts.
  • BTC/USD consolidation to last longer than expected; a bearish inclination puts $9,000 support in grave danger.

Bitcoin price has entered into yet another day of consolidation. The largest cryptoasset has remained pivotal at $9,100 after failing to break the initial resistance at $9,200. On the flip side, bulls have perfected their act of defense especially at $9,000.

Apart from the seller congestion at $9,200, buyers are also intimidated by the resistances at $9,300, the 50-day Simple Moving Average (SMA) at $9,424.43, and a key descending trendline. It is apparent that a break above the trendline would ignite another rally towards the coveted $10,000.

Read moreBitcoin Price Prediction: BTC/USD Will Eventually Hit $10,000 – Technical Scenario

Meanwhile, Bitcoin bulls are left with the only option of settling for consolidation around $9,100. The Relative Strength Index (RSI) clearly confirms the sideways trading with its leveling motion at 45. As long as this indicator stays in the same position, BTC/USD would last longer in consolidation. Moreover, the RSI’s movement; either up or down would be a great indicator for the direction Bitcoin is likely to take at end of the choppy market.

BTC/USD daily chart

BTC/USD price chart
BTC/USD price chart by Tradingview

According to the Moving Average Convergence Divergence (MACD), Bitcoin is likely to last longer in the current state. However, the slightly bearish divergence from the MACD insists that sellers have the upper hand, at least for now. In other words, Bitcoin is not in the clear and could eventually drop under $9,000 particularly if more sellers join the market.

Other support areas apart from $9,100 are $9,000, the previous support at $8,900, and $8,600. If push comes to shove the 200-day SMA at $8,357.34 will come in handy to halt possible losses towards $8,000. For now, the domineering trend is sideways biased.

Read alsoBTCUSD Price Analysis: Bitcoin Again In Bullish Range, Finds Support At The EMAs

Bitcoin Intraday Key Levels

Spot rate: $9,115

Relative change: -20

Percentage change: -0.23%

Trend: Bearish biased

Volatility: Shrinking

Summary
Bitcoin Technical Analysis: BTC/USD Motionless At $9,100, Is It Over For The Bulls?
Article Name
Bitcoin Technical Analysis: BTC/USD Motionless At $9,100, Is It Over For The Bulls?
Description
Bitcoin price is pivotal at $9,100 even as selling pressure mounts. BTC/USD consolidation to last longer than expected; a bearish inclination puts $9,000 support in grave danger.
Author
Publisher Name
Coingape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: John Isige

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

Post your comment...
John Isige 579 Articles

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

Follow John @