Bitcoin is still holding the $9,000 support zone against the US Dollar. BTC is now approaching a crucial juncture and it could either rally above $9,200 or start a sharp decline below $9,000.
- Bitcoin is trading below a couple of important hurdles near $9,200 and $9,220.
- The price seems to be forming a strong support base above the $9,000 support area.
- There is a significant bearish trend line forming with resistance near $9,140 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a strong increase if it clears the $9,200 resistance area in the near term.
Bitcoin Approaching Crucial Juncture
This past week, bitcoin made another attempt to gain traction above $9,300 resistance against the US Dollar, but it failed. BTC trimmed gains, and declined below the $9,200 support level and the 100 simple moving average (4-hours).
It even spiked below the $9,000 support level and traded as low as $8,933. Recently, there was a fresh increase above the $9,000 level and it seems like the price is forming a decent support base above the $9,000 level.
Bitcoin price holds $9,000: Source:The trend line is close to the 61.8% Fib retracement level of the downward move from the $9,300 swing high to $8,933 low. Above the trend line, the 100 simple moving average (4-hours) is near the $9,220 resistance.