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{"id":425093,"date":"2020-05-26T03:58:03","date_gmt":"2020-05-26T03:58:03","guid":{"rendered":"https:\/\/wncen.com\/?p=425093"},"modified":"2024-06-11T13:49:18","modified_gmt":"2024-06-11T13:49:18","slug":"bitcoin-must-break-9100-to-avoid-a-major-downtrend-heres-why","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-must-break-9100-to-avoid-a-major-downtrend-heres-why\/","title":{"rendered":"Bitcoin Must Break $9,100 To Avoid A Major Downtrend: Here\u2019s Why"},"content":{"rendered":"

Bitcoin is currently correcting higher from $8,645 against the US Dollar. BTC price needs to clear the $9,100 resistance area to start a strong upward move and avoid a major downtrend.<\/em><\/p>\n

\n
Bitcoin is facing a couple of key hurdles near the $9,000 and $9,100 levels.<\/li>\n
The price must settle above the 100 hourly simple moving average to avert more losses.<\/li>\n
There is a key bearish trend line forming with resistance near $9,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could resume its decline below $8,645 if it struggles to clear the $9,100 resistance.<\/li>\n<\/ul>\n
Bitcoin Facing Hurdles<\/h2>\n
Bitcoin price extended its decline<\/a> below the $9,000 support against the US Dollar. BTC price even settled below the 100 hourly simple moving average and traded to a new weekly low at $8,645.<\/p>\n
It is currently correcting higher and trading above $8,800. The bulls pushed the price above the $8,900 level, but they struggled to clear the $8,975-$9,000 resistance. It seems like the 50% Fib retracement level of the downward move from the $9,307 high to $8,645 low is acting as a resistance.<\/p>\n
There is also key bearish trend line forming with resistance near $9,050 on the hourly chart<\/a> of the BTC\/USD pair. The trend line is close to the 61.8% Fib retracement level of the downward move from the $9,307 high to $8,645 low.<\/p>\n
Bitcoin<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Price<\/figcaption><\/figure>\n
More importantly, the 100 hourly simple moving average is positioned near the trend line and $9,100. If the bulls manage to clear the trend line resistance, 100 hourly SMA, and $9,100, there are chances of a strong upward move.<\/p>\n
The next key resistance is near the $9,330 level (a key breakdown zone), above which the price might rise steadily towards the $9,800 and $9,950 resistance levels in the near term.<\/p>\n
More Downsides in BTC?<\/h2>\n
If bitcoin price fails to break the $9,100 resistance and the 100 hourly SMA, it could resume its decline. An initial support on the downside is seen near the $8,800 level.<\/p>\n
A downside break below the $8,800 support might push the price towards the $8,650 and $8,500 levels. Any further losses may perhaps open the doors for a larger decline<\/a> in the coming sessions towards $8,200 and $8,000.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is currently losing momentum in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is rising and it is just above the 50 level.<\/p>\n
Major Support Levels \u2013 $8,800 followed by $8,650.<\/p>\n
Major Resistance Levels \u2013 $9,000, $9,050 and $9,100.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is currently correcting higher from $8,645 against the US Dollar. BTC price needs to clear the $9,100 resistance area to start a strong upward move and avoid a major downtrend. Bitcoin is facing a couple of key hurdles near the $9,000 and $9,100 levels. The price must settle above the 100 hourly simple moving average to avert more losses. There is a key bearish trend line forming with resistance near $9,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could resume its decline below $8,645 if it struggles to clear the $9,100 resistance. Bitcoin Facing Hurdles Bitcoin price extended its decline below the $9,000 support against the US Dollar. BTC price even settled below the 100 hourly simple moving average and traded to a new weekly low at $8,645. It is currently correcting higher and trading above $8,800. The bulls pushed the price above the $8,900 level, but they struggled to clear the $8,975-$9,000 resistance. It seems like the 50% Fib retracement level of the downward move from the $9,307 high to $8,645 low is acting as a resistance. There is also key bearish trend line forming with resistance near $9,050 on the hourly chart of the BTC\/USD pair. The trend line is close to the 61.8% Fib retracement level of the downward move from the $9,307 high to $8,645 low. Bitcoin More importantly, the 100 hourly simple moving average is positioned near the trend line and $9,100. If the bulls manage to clear the trend line resistance, 100 hourly SMA, and $9,100, there are chances of a strong upward move. The next key resistance is near the $9,330 level (a key breakdown zone), above which the price might rise steadily towards the $9,800 and $9,950 resistance levels in the near term. More Downsides in BTC? If bitcoin price fails to break the $9,100 resistance and the 100 hourly SMA, it could resume its decline. An initial support on the downside is seen near the $8,800 level. A downside break below the $8,800 support might push the price towards the $8,650 and $8,500 levels. Any further losses may perhaps open the doors for a larger decline in the coming sessions towards $8,200 and $8,000. Technical indicators: Hourly MACD \u2013 The MACD is currently losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is rising and it is just above the 50 level. Major Support Levels \u2013 $8,800 followed by $8,650. Major Resistance Levels \u2013 $9,000, $9,050 and $9,100.<\/p>\n","protected":false},"author":67,"featured_media":425095,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,76835],"class_list":["post-425093","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Must Break $9,100 To Avoid A Major Downtrend: Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"Bitcoin is currently correcting higher from $8,645 against the US Dollar. 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More Downsides in BTC?<\/h2>\nIf bitcoin price fails to break the $9,100 resistance and the 100 hourly SMA, it could resume its decline. An initial support on the downside is seen near the $8,800 level.<\/p>\n