- Bitcoin price started an upside correction from the $ 8,674 swing low against the US Dollar.
- The price is up around 3%, but it is facing hurdles near the $ 9,100 and $ 9,150 levels.
- There is a key bearish trend line forming with resistance near $ 9,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- On the downside, there is a decent support forming near the $ 8,860 levels.
Bitcoin price is currently correcting higher above $ 8,800 against the US Dollar. However, BTC is still facing a couple of key hurdles near $ 9,100 and $ 9,150.
Bitcoin Price Analysis
After a major decline, bitcoin found support near the $ 8,670 level against the US Dollar. A new monthly low was formed near $ 8,674 before the price started an upside correction.
The price recovered above the $ 8,800 and $ 8,900 levels. Moreover, there was a break above the $ 9,000 resistance area and the 100 hourly simple moving average. The bulls were able to gain strength, but they faced a strong selling interest near the $ 9,150 and $ 9,160 levels.
A high was formed near $ 9,146 and the price is currently retreating from the high. It broke the $ 9,000 support area and the 100 hourly SMA. Additionally, there was a break below the 23.6% Fib retracement level of the recent wave from the $ 8,674 low to $ 9,146 high.
An immediate support on the downside is near the $ 8,900 level. It represents the 50% Fib retracement level of the recent wave from the $ 8,674 low to $ 9,146 high. The main support is near the $ 8,860 and $ 8,840 levels.
More importantly, there is a connecting bullish trend line forming with support near $ 8,840 on the hourly chart of the BTC/USD pair. Finally, the 61.8% Fib retracement level of the recent wave from the $ 8,674 low to $ 9,146 high is near $ 8,854.
Therefore, a downside break below the $ 8,840 level might restart the decline in bitcoin. The next key support is near the $ 8,700 area, below which the price could revisit the $ 8,500 level.
On the upside, the price is facing hurdles near the $ 9,100 and $ 9,150 levels. Besides, there is a key bearish trend line forming with resistance near $ 9,100 on the same chart.
Looking at the chart, bitcoin seems to be struggling to continue above $ 9,100. If it continues to struggle, there is a risk of another bearish wave below the $ 8,800 level in the near term.
Hourly MACD – The MACD is currently moving back into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining and approaching the 50 level.
Major Support Levels – $ 8,900 followed by $ 8,840.
Major Resistance Levels – $ 9,100, $ 9,150 and $ 9,300.