Bitcoin rallied to $9,500 before starting a downside correction against the US Dollar. BTC price might dip towards the $8,200 support zone before a fresh increase.
Bitcoin jumped more than 20% and tested the main target of $9,500 (as discussed yesterday).
The price is down more than 8% and it is now trading well below the $9,000 level.
There is a short term declining channel forming with resistance near $8,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct further towards $8,400 or $8,200 before a fresh increase.
Bitcoin Correcting Gains
Yesterday, we saw a strong pre-halving rally in bitcoin above the $8,000 and $8,500 resistance levels against the US Dollar. BTC price gained more than 20% and it even tested the main target of $9,500 (as discussed yesterday’s analysis using the daily chart).
A new monthly high is formed near $9,498 and the price recently started a substantial downside correction. There was a break below the $9,200 and $9,000 support levels.
Bitcoin even dived below the $8,800 level and tested the $8,400 support area. A low is formed near $8,405 and the price is currently trading above the 23.6% Fib retracement level of the recent decline from the $9,498 high to $8,405 low.
On the upside, an initial resistance is near the $8,800 level. There is also a short term declining channel forming with resistance near $8,800 on the hourly chart of the BTC/USD pair.
Bitcoin Price
Above the channel resistance, the next resistance is near the $8,950. It is close to the 50% Fib retracement level of the recent decline from the $9,498 high to $8,405 low.
To start a fresh increase, the bulls need to push the price above the channel resistance and then clear the $8,950 resistance. A successful follow through above the $9,000 level could pump the price towards the $9,200 and $9,500 levels in the near term.
Downside Thrust
On the downside, the first major support for bitcoin buyers is near the $8,400 level. The next major support is near the $8,200 level or the 100 hourly simple moving average.
It seems like the price might dive towards the $8,400 support or the 100 hourly SMA to complete the current wave. Later, it is likely to start a fresh increase above $9,000 unless there is a close below $8,200.
Technical indicators:
Hourly MACD – The MACD is about to move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently rising and it is near the 50 level.
Major Support Levels – $8,400 followed by $8,200.
Major Resistance Levels – $8,800, $8,950 and $9,000. origin »
Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a fresh increase in the near term. Bitcoin started a fresh increase from the $94,200 zone.
Bitcoin price is attempting a fresh increase above $28,500. BTC is eyeing another upside break toward the $30,000 resistance in the near term. Bitcoin found support near $28,150 and started a fresh increase.
Bitcoin price is consolidating losses below the $26,500 level. BTC is showing bearish signs and remains at risk of a fresh decline toward $25,000. Bitcoin is struggling to recover above the $26,600 resistance zone.
Bitcoin found a strong buying interest near $18,500 against the US Dollar. BTC is recovering and there could be a fresh increase above the $20,000 resistance. Bitcoin remained stable and the bulls again protected the $18,500 support zone.
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Bitcoin is struggling to gain momentum above the $11,200 level against the US Dollar. BTC is currently correcting lower and it could test $10,700 before a fresh increase. Bitcoin is showing signs of a downside correction below the $11,200 level.
What a month it has been for Bitcoin, the largest cryptocurrency in the world! Bitcoin's steady rise beyond $10,400 and the subsequent fall close to the December 2018 lows took the entire cryptocurrenThe post DigiByte, Dash, Bitcoin look forward to fresh gains appeared first on AMBCrypto.
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Bitcoin price is trading in a downtrend below $8,800 and $9,000 against the US Dollar. The price is currently declining and it seems to be struggling near the $8,840 level. Yesterday’s major bearish trend line is active with resistance near $8,920 on the hourly chart of the BTC/USD pair (data feed from Kraken).
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Bitcoin price is currently consolidating above the key $9,000 support area against the US Dollar. The price is struggling to gain bullish momentum above the $9,600 and $9,720 resistance levels. There is a connecting bearish trend line forming with resistance near $9,560 on the hourly chart of the BTC/USD pair (data feed from Kraken).
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Bitcoin price is currently trading in a range below the $8,400 resistance area against the US Dollar. The price remains well supported on the downside near $8,200 and $8,150. There is a new breakout pattern forming with resistance near $8,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
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After a sharp increase, bitcoin price corrected lower sharply below $8,500 against the US Dollar. The price is currently consolidating above the key $8,300 support area. There was a break below a key bullish trend line with support near $8,420 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
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