Bitcoin records a new monthly low as the indicators show that it could go below $9000 against the US dollar as we are reading further in the latest Bitcoin news today.
BTC is likely to continue lower and it seems that the bears are breaking below the $9100 and $9000. Bitcoin is also facing an increase in selling pressure below the $9500 pivot level but the price failed to clear this resistance level so it is now currently declining. There is a key bearish trend line forming a resistance close to the $9400 on the hourly charts of the Bitcoin US Dollar pair. The pair could also continue to move down and will break the $9100 support.
As Bitcoin records a new monthly low, the BTC price started an upside correction from the $9100 support against the US dollar. Bitcoin managed to stay above the $9000 handle and managed to recover above the $9300 resistance level before setting the new monthly low. There was a break above the 23% fib retracement level from the downward movement of $10,000 swing high to the $9.090 low. It even moved above this level but failed to surpass the 40 resistance level.
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It seems that the price had a hard time clearing the 50% fib retracement of the downward move from the $10,000 swing high to the $9090 low. Bitcoin declines at the moment and trades below this $9500 level. There’s also a key bearish trend line forming with a resistance close to the $9400 on the hourly charts of the pair. The current price action suggests that the pair could continue moving towards the 9100 support zone in the near term.
If the bears remain in action in the upcoming sessions as there are chances of more losses below the $9090 swing low. The next major support is going closer to the $9000 level below which the price could go to the $8800 support level. On the upside, Bitcoin’s price is having a lot of hurdles close to the $9300 and $9400 levels. The 100 hourly simple moving average is also close to the $9500 level. Therefore the price has to go above the $9500 resistance zone and will settle above the 100 hourly simple moving average to start a new upward move. The next major resistance set above $9500 could actually be $9800.
The hourly MACD for the pair is gaining momentum in the bearish zone. The hourly RSI (Relative Strenght Index) for the BTC/USD pair is now close to the 30 levels. The next major support levels are set at $9100 while the next resistance levels are set at $9300, $9400, and $9500.
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