Tuesday , October 27 2020
Home / Bitcoin / Do or Die For Bitcoin Bears: It’s The Most Critical Period For BTC

Do or Die For Bitcoin Bears: It’s The Most Critical Period For BTC


Bitcoin corrected lower, but stayed above the $9,150 support against the US Dollar. BTC bears need to push the price below $9,150 or the price could rally above $9,500.

Bitcoin price is holding a crucial support area near the $9,150 level against the US Dollar.
The current technical structure above $9,000 suggests the price is preparing for the next break.
This week’s important bullish trend line is intact with support near $9,210 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The bulls seem to be eyeing the next bullish wave above the $9,400 and $9,500 resistance levels.

Bitcoin Price Approaching Next Break
After a strong upward move, bitcoin found resistance near $9,400 against the US Dollar. Recently, BTC corrected lower below the $9,350 and $9,300 levels, but the bears struggled to gain strength.
There was a break below the 23.3% Fib retracement level of the key upward move from the $8,875 low to $9,426 high. The price even spiked below the $9,200 support level.
However, the bulls remained active above the main $9,150 support. It seems like the 50% Fib retracement level of the key upward move from the $8,875 low to $9,426 high acted as a strong support.
More importantly, this week’s important bullish trend line is intact with support near $9,210 on the hourly chart of the BTC/USD pair. Bitcoin price is currently rising and it is trading above the $9,300 level.
Bitcoin Price
The first key resistance is near the $9,420 area. If the bulls manage to surpass the $9,420 level, there are high chances of a clear break above the $9,500 resistance area. In the mentioned case, the price is likely to surge towards the $9,880 and $10,000 levels in the coming sessions.
Can BTC Bears Make It?
On the downside, the trend line support near $9,210 is the first important support. The main support is near the $9,150 level.
If bitcoin bears succeed in clearing the $9,150 support, the price is likely to start a larger decline towards the $8,860 support level or the 100 hourly simple moving average. An intermediate support is near $9,000 or the 76.4% Fib retracement level of the key upward move from the $8,875 low to $9,426 high.
Technical indicators:
Hourly MACD – The MACD is likely to move back into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently rising and it is just above the 50 level.
Major Support Levels – $9,150 followed by $9,000.
Major Resistance Levels – $9,400, $9,425 and $9,500. The post appeared first on NewsBTC.


Source link

About admin

Check Also

Ethereum Lagging Behind Bitcoin Could Demonstrate Altcoin Weakness

Ethereum spent the summer months easily dominating Bitcoin on the back of the DeFi bandwagon. …

Leave a Reply

Your email address will not be published. Required fields are marked *