Bitcoin Topside Bias Could Be Vulnerable Below $9,500 And 100 SMA

Bitcoin failed to climb above the $9,950 and $10,000 resistance levels against the US Dollar. BTC price is currently plunging and it is now vulnerable to more losses below $9,400.

  • Bitcoin is down more than 3% from the weekly high and it is now showing bearish signs.
  • The price is trading well below the $9,600 level and the 100 hourly simple moving average.
  • There was a break below a major contracting triangle with support near $9,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains at a risk of more losses below the $9,400 and $9,250 levels.

Bitcoin Showing Bearish Signs

Bitcoin price started a bearish wave after it failed to continue above the $9,950 and $10,000 resistance levels against the US Dollar. BTC price is down more than 3% from the weekly high and it broke the $9,540 support zone.

The recent decline was such that the price even broke the $9,400 level and settled below the 100 hourly simple moving average. More importantly, there was a break below a major contracting triangle with support near $9,600 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Bitcoin Price

A low is formed near $9,308 and bitcoin price is currently correcting higher. It tested the 50% Fib retracement level of the recent decline from the $9,843 high to $9,309 low.

It seems like the previous supports near $9,540 and $9,600 are now acting as hurdles. The first major hurdles is near the $9,640 level and the 100 hourly simple moving average. The 61.8% Fib retracement level of the recent decline from the $9,843 high to $9,309 low is also at $9,639.

To avoid more losses, BTC price must move back above the $9,540 and $9,640 resistance levels. The next key hurdles on the upside remain $9,950 and $10,000.

More Losses?

If bitcoin fails to recover above the $9,540 and $9,640 resistance levels, there are chances of more losses in the near term. An immediate support is near the $9,400 level.

The main support is near the $9,250 zone (the last key pivot zone). If the bulls fail to defend…

Read More