- Bitcoin price is currently consolidating above the key $9,300 support area against the US Dollar.
- The price is facing a few key resistances near the $9,500, $9,600 and $9,650 levels.
- There is a connecting bearish trend line forming with resistance near $9,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price start a decent recovery as long as there is no downside break below the $9,300 support.
After bearish moves, bitcoin price started consolidating above $9,300 against the US Dollar. However, BTC must gain momentum above $9,650 to start an upward move.
Bitcoin Price Analysis
After a sharp decline, bitcoin price found support near the $9,120 level against the US Dollar. The BTC/USD pair traded as low as $9,126 and recovered above the $9,300 and $9,500 levels. Additionally, the pair climbed above $9,600, but it struggled to surpass the $9,700 resistance. More importantly, there was no break above the 100 hourly simple moving average (similar to Ethereum and ripple), which is currently near $9,650.
The price topped near the $9,708 level and recently corrected lower. It broke the $9,600 support level plus the 23.6% Fib retracement level of the upside move from the $9,126 low to $9,708 high. Moreover, the price traded below the $9,500 level, but the $9,400 area seems to be acting as a decent support. The 50% Fib retracement level of the upside move from the $9,126 low to $9,708 high is also acting as a support.