Bitcoin is trading in a tight range above the $9,640 support against the US Dollar. BTC price is likely to surge higher if it clears the $9,800 and $9,880 range resistance levels.
- Bitcoin is trading in a positive zone above the $9,640 and $9,600 support levels.
- The bulls are likely aiming an upside break above the $9,880 resistance zone.
- There is a key bearish trend line forming with resistance near $9,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- A downside break below the 100 hourly SMA could start a major decline to $9,500 or $9,300.
Bitcoin Price Stuck In A Range
After a strong recovery wave, bitcoin price faced a strong resistance near the $9,880 level against the US Dollar. BTC started trading in a range below the $9,880 level and it seems to be preparing for the next major move.There was a break below the $9,720 level, plus the 23.6% Fib retracement level of the upward move from the $9,389 low to $9,811 high. However, the $9,640 level and the 100 hourly simple moving average are acting as strong supports.
Bearish Move in BTC?
On the downside, there is a range support forming near the $9,640 level and the 100 hourly simple moving average. If there is a bearish break below the 100 hourly SMA, the price could test the $9,600 level.The 50% Fib retracement level of the upward move from the $9,389 low to $9,811 high is near the $9,600 level to act as a support. Any further losses may perhaps put a lot of pressure on the bulls and the price might decline further towards the $9,500 support or $9,400.
Technical indicators: Hourly MACD – The MACD is likely to gain strength in the bullish zone.
