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- Bitcoin price is struggling to rebound and declining below the $9,300 support against the US Dollar.
- The price is likely to accelerate decline if it breaks the $9,120 support area.
- There is a major bearish trend line forming with resistance near $9,240 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- Similarly, there were bearish moves in Ethereum and ripple in the past three sessions.
Bitcoin price is showing bearish signs below $9,300 and $9,240 against the US Dollar. BTC price could accelerate losses if it continues to struggle below $9,300.
Bitcoin Price Analysis
In the past few hours, there was a steady decline in bitcoin from the $9,440 high against the US Dollar. The last swing high was near $9,374 before the price declined below the $9,300 support area.
Moreover, there was a close below the $9,300 support and the 100 hourly simple moving average. Finally, the price spiked below the $9,120 support area and traded as low as $9,084.
It is currently correcting higher above the $9,120 level. Additionally, it surpassed the 50% Fib retracement level of the recent decline from the $9,374 high to $9,084 low.
However, the price is facing a lot of hurdles on the upside near the $9,240 and $9,300 levels. More importantly, there is a major bearish trend line forming with resistance near $9,240 on the hourly chart of the BTC/USD pair.
The 61.8% Fib retracement level of the recent decline from the $9,374 high to $9,084 low is also capping the upward move. Therefore, a successful break above the trend line and a follow through above $9,300 is needed for a fresh increase.
The next key resistance is near the $9,440 area, above which bitcoin is likely to climb towards the $9,550 and $9,600 levels in the near term.
On the downside, an immediate support is near the $9,120 area. If there is a successful daily close below the $9,120 support, there are chances of more downsides below the $9,020 and $9,000 support levels. The next major support is near $8,920, followed by $8,780.
Looking at the chart, bitcoin is clearly trading in a bearish zone below the $9,300 resistance level. Thus, the price remains at a risk of a bearish break below $9,120 and $9,020. To move into a positive zone and start a decent upward move, the price must settle above $9,300.
Technical indicators:
Hourly MACD – The MACD is likely to move back into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining and it could test the 25 level.
Major Support Levels – $9,120 followed by $9,020.
Major Resistance Levels – $9,240, $9,300 and $9,440.
