{"id":430388,"date":"2020-07-12T04:28:20","date_gmt":"2020-07-12T04:28:20","guid":{"rendered":"https:\/\/uniquehot.com\/?p=430388"},"modified":"2024-06-11T14:05:04","modified_gmt":"2024-06-11T14:05:04","slug":"bitcoin-bullish-9400-holds-key","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-bullish-9400-holds-key\/","title":{"rendered":"Bitcoin Trading Near Make-or-Break Levels: Here\u2019s Why $9,400 Holds The Key"},"content":{"rendered":"
Bitcoin is trading nicely above the $9,100 and $9,200 support levels against the US Dollar. BTC is forming a crucial breakout pattern and it must break $9,400 for a sustained upward move.<\/em><\/p>\n This past week, bitcoin made an attempt to surpass the main $9,500 resistance levels against the US Dollar, but it failed. BTC formed a weekly high at $9,480 and later started a downside correction.<\/p>\n There was a break below the $9,400 and $9,300 support levels. The price even broke the 50% Fib retracement level of the upward move from the $8,912 low to $9,480 high. Finally, the price spiked below the $9,200 support<\/a> and the 100 simple moving average (4-hours).<\/p>\n BTC tested the main $9,120 support area, where the bulls appeared. It seems like the 61.8% Fib retracement level of the upward move from the $8,912 low to $9,480 high acted as a strong support.<\/p>\n <\/a><\/p>\n More importantly, there is a crucial breakout pattern forming with resistance near $9,380 on the 4-hours chart of the BTC\/USD pair. The pair is currently rising and trading well above the $9,200 and the 100 SMA.<\/p>\n On the upside, an initial resistance is $9,350 level. The first major resistance is near the triangle resistance and $9,400. A successful break and close above $9,400 will most likely increase the chances of a sustained upward move above the $9,500 resistance. If the bulls succeed, the price might climb towards the $9,600 and $9,800 levels<\/a>.<\/p>\n If bitcoin struggles to clear the $9,400 and $9,500 resistance levels, there is a risk of a bearish break. The first major support is near the triangle lower trend line at $9,200.<\/p>\n The main support is near the $9,120 levels, below which the bears are likely to aim a larger decline below the $9,000 and $8,800 levels in the coming days.<\/p>\n Technical indicators<\/p>\n 4 hours MACD \u2013 The MACD for BTC\/USD is slowly moving in the bullish zone.<\/p>\n 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently rising and it is just above the 50 level.<\/p>\n Major Support Level \u2013 $9,120<\/p>\n Major Resistance Level \u2013 $9,400<\/p>\n\n
Bitcoin is Facing Major Hurdles<\/h2>\n
Bitcoin price holding $9,200: Source: TradingView.com<\/a><\/pre>\n
Bearish Break in BTC?<\/h2>\n