Crypto News

Technicals Suggest Bitcoin Needs To Clear $9,800 For Hopes of a Fresh Rally

Bitcoin is currently correcting higher from the $9,300 support against the US Dollar. BTC price must clear the $9,740 and $9,800 resistance levels to continue higher in the near term.

Bitcoin is currently showing a few positive signs above the $9,500 and $9,600 levels.
The price is likely to gain bullish momentum if it breaks the $9,740 and $9,800 resistance levels.
There is a bear flag forming with resistance near $9,740 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could resume its decline if it fails to clear the $9,740 resistance zone.

Bitcoin Price Facing Hurdles
Yesterday, we saw a sharp U-turn in bitcoin price from well above $10,000 against the US Dollar. BTC broke many key supports near $9,800 and the 100 hourly simple moving average.
It even spiked below the $9,500 support and tested the $9,300 support area. A low is formed near $9,299 and the price is currently correcting higher. It is now trading above the $9,500 pivot level.
There was a break above the 23.6% Fib retracement level of the downward move from the $10,366 high to $9,299 low. Moreover, it is trading above the $9,600 level and the 100 hourly simple moving average.
It seems like there is a bear flag forming with resistance near $9,740 on the hourly chart of the BTC/USD pair. The channel resistance zone is close to the recent breakdown zone at $9,740. There is also a connecting bearish trend line forming with resistance near $9,745 on the same chart.
Bitcoin Price
If bitcoin price clears the trend line resistance, it could test the next major resistance near $9,800. The 50% Fib retracement level of the downward move from the $10,366 high to $9,299 low is also near $9,832.
If the bulls manage to clear the $9,740 and $9,800 resistance levels, there are chances of a steady rise in the coming sessions. The next key resistance zone is seen near the $10,000 level.
Fresh Decline in BTC?
There are chances of another downside break in bitcoin if it struggles to clear $9,740 and the trend line resistance. On the downside, the first key support is near the flag channel at $9,600.
A clear break below the bear flag at $9,600, it could accelerate losses. An immediate support is at $9,500, below which there is a risk of more downsides towards the $9,300 level.
Technical indicators:
Hourly MACD – The MACD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $9,600 followed by $9,500.
Major Resistance Levels – $9,740, $9,800 and $9,830.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Write a Comment

Related Crypto News

This Eerie Shanghai Composite Fractal Predicts Bitcoin Will Surge Past $10k
Bitcoin was once branded as an asset that was uncorrelated from the rest of the financial markets. Look no...
This Single Price Level Could Make Bitcoin’s Price Action “Nasty”: Analyst
Stepping back from the recent volatility, Bitcoin remains in macro limbo. The leading cryptocurrency has not deviated from a...
The Encrypted Messaging Dilemma: Balancing Censorship and Freedom
Experts are of the opinion that governments need to work hand-in-hand with encryption-centric service providers to combat illegal activities...
Correlation Between Bitcoin Price and Stocks Reaches a New All-Time High
Bitcoin’s correlation to the S&P 500 has reached a new all-time-high, what does this mean for BTC price? Lately,...
Unless Bitcoin Breaks Through These 2 Levels, a Crash to $7,000 Is “Logical”
After attempting to rally through $9,500 this week, Bitcoin failed to sustain its bullish momentum yet again. As of...
Researcher Says Ethereum 2.0 May Be Delayed — Increasing Risk to ETH Bulls
One of the biggest Ethereum narratives over the past few months is ETH 2.0. For those that are unaware,...

Featured Crypto News

Crypto Research Firm Identifies 3 “Big” Bitcoin Bull Run Catalysts
When analyzing Bitcoin, many investors cast aside fundamentals and only focus on the price action. Hence, as the cryptocurrency...
Switching Bitcoin to 100% ASIC Mining Could Increase Security 2000X
ASIC miners are the best option for Bitcoin network security well into the future, new research has found. The...
‘Significant’ Ethereum Rally Signals New Altcoin Season — Peter Brandt
Ethereum price saw a bullish breakout against Bitcoin on July 9 and veteran trader Peter Brandt believes this could...
Max Keiser: Bitcoin Will “Eviscerate” Competitors, Rally to $100,000 Per Coin
Altcoins have been all the rage over recent weeks, rallying dozens of percent as Bitcoin has stalled in the...
New York Court Rejects Bitfinex Appeal Over $850M in Lost Funds
New York’s Supreme Court has rejected Bitfinex and Tether’s appeal in the ongoing dispute between the firms and the...
Bloomberg Analyst: Key Metrics Show Bitcoin Should Rocket Towards $12,000
It’s been a slow past few weeks for the Bitcoin market. The cryptocurrency has effectively been range-bound for two...