{"id":424918,"date":"2020-05-24T04:08:26","date_gmt":"2020-05-24T04:08:26","guid":{"rendered":"https:\/\/uniquehot.com\/?p=424918"},"modified":"2024-06-11T09:27:28","modified_gmt":"2024-06-11T09:27:28","slug":"bitcoin-price-topside-bias-vulnerable-unless-it-surges-past-9500","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-topside-bias-vulnerable-unless-it-surges-past-9500\/","title":{"rendered":"Bitcoin Price Topside Bias Vulnerable Unless It Surges Past $9,500"},"content":{"rendered":"
Bitcoin started a strong downside correction from the $9,945 high against the US Dollar. BTC tested the $8,800 support area and it is currently correcting higher.<\/em><\/p>\n This past week, bitcoin formed a key short-term top just below the $10,000 level against the US Dollar. BTC price traded as high as $9,945 before it started a major decline<\/a>.<\/p>\n There was a sharp slide below the $9,500 and $9,250 support levels. The price even broke the $9,000 support and settled below the 100 simple moving average (4-hours). It tested the $8,800 support level and formed a low at $8,806.<\/p>\n Bitcoin price is currently correcting higher and trading above $9,000. It surpassed the 23.6% Fib retracement level of the recent decline from the $9,945 high to $8,806 low.<\/p>\n On the upside, there is a major hurdle forming near the $9,400 level and the 100 simple moving average (4-hours). The 50% Fib retracement level of the recent decline from the $9,945 high to $8,806 low is also near $9,375 to stop the current move.<\/p>\n More importantly, there is a major declining channel forming with resistance near $9,560 on the 4-hours chart<\/a> of the BTC\/USD pair. If the pair climbs above the $9,400 resistance, it could face a strong resistance near the $9,500 and $9,560 levels<\/a>.<\/p>\n\n
Bitcoin Trading Above Key Supports<\/h2>\n