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Bitcoin Bullish Reversal Held Off As Bulls Fail To Defeat $9k Resistance

Bitcoin is slowly gaining bullish momentum above $8,800 against the US Dollar. BTC price must settle above the $9,000 barrier to start a convincing rally towards $9,500.

  • Bitcoin is showing positive signs above the $8,800 resistance area against the US Dollar.
  • The price remains well supported on dips near the $8,840 and $8,780 levels.
  • There is a major bullish trend line forming with support near $8,780 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a massive upward move once it clears the $8,960 and $9,000 resistance levels.

Bitcoin Likely To Regain $9K

Bitcoin seems to be forming a strong base above the $8,670 and $8,700 levels against the US Dollar. BTC price is currently rising and it recently broke a couple of key hurdles near the $8,800 level.

The price even settled above the $8,800 level and the 100 hourly simple moving average. However, the bulls are again struggling to gain momentum above the $8,960 and $9,000 resistance levels.

A high is formed near $8,957 and the price is correcting lower. It is testing the 23.6% Fib retracement level of the recent rise from the $8,676 low to $8,957 high. On the downside, an initial support for bitcoin is near the $8,840 level.

The next major support is near the $8,800 area and the 50% Fib retracement level of the recent rise from the $8,676 low to $8,957 high. More importantly, there is a major bullish trend line forming with support near $8,780 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Bitcoin Price

On the upside, there are key hurdles visible near the $8,960 and $9,000 levels. A successful close above the $9,000 barrier could really shoot the market sentiment in favor of the bulls. The next major resistance is near the $9,090 level, above which the price is likely to accelerate towards the $9,500 level.

Fresh Bearish Reaction?

The trend line support and $8,800 are important buy zones. If the price fails to stay above the trend line, it could correct lower towards the $8,700 support and the 100 hourly simple moving average.

If the price fails to stay above the $8,680 support and the 100 hourly simple moving average, the bears are likely to aim a test of the $8,500 level in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 60 level.

Major Support Levels – $8,800 followed by $8,700.

Major Resistance Levels – $8,960, $9,000 and $9,090.

Bitcoin Bullish Reversal Held Off As Bulls Fail To Defeat $9k Resistance was last modified: March 5th, 2020 by Aayush Jindal

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