Bitcoin’s price stable again above the $9K price point while it is still struggling to climb higher above the $9,300 and $9,400 resistance against the US dollar as we are reading in the Bitcoin price news.
The price is trading above the key support levels of $9,000 and $8,960 and there was even a break below the connecting bullish trend line with support near the $9,240 on the hourly charts of the BTC/USD pair. Both Ripple and Ethereum are trading in a range above $178 and $0.2950 respectively.
Bitcoin’s price stable and trading nicely above the $9,000 support against the US dollar. Having said that, BTC has to climb above this resistance to continue even higher. The past week, BTC climbed even higher above the $9,200 resistance level and traded even to the $9,350 area and the 100 hourly simple moving average. However, the price is still struggling to break the $9,400 resistance area and as a result, the price started a fresh decline from the $9,393 high. It traded back below the $9,300 level but more importantly, there was a break below the connecting bullish trend line with support near the $9,240 on the hourly chart of the BTC/USD pair. A new low was formed near $9,081 and the price is currently correcting higher.
The price broke the 23.6% Fib retracement level of the recent decline from the $9,3393 high to $9,081 low. however, the upward move was topped by the $9,240 level and the 100 hourly SMA. It seems like the 50% Fib retracement level of the recent decline from the $9,393 to the $9,081 low, is acting as a strong resistance for the bulls. If there are more gains, the $9,300 area is likely to act as a major problem in the near term for bitcoin. If there is a further upside break above the $9,300 resistance, the next stop for the bulls may be near the $9,380 level.
However, if there is a downward move, initial support could be reached at $9,100 level. The main support is near the $9,000 level and below this one there is a high risk of another decline towards $8,500.
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