Bitcoin Price<\/figcaption><\/figure>\nIf bitcoin price clears the trend line resistance, it could test the next major resistance near $9,800. The 50% Fib retracement level of the downward move from the $10,366 high to $9,299 low is also near $9,832.<\/p>\n
If the bulls manage to clear the $9,740 and $9,800 resistance levels, there are chances of a steady rise in the coming sessions. The next key resistance zone is seen near the $10,000 level.<\/p>\n
Fresh Decline in BTC?<\/h2>\n There are chances of another downside break in bitcoin if it struggles to clear $9,740 and the trend line resistance. On the downside, the first key support is near the flag channel at $9,600.<\/p>\n
A clear break below the bear flag at $9,600, it could accelerate losses. An immediate support is at $9,500, below which there is a risk of more downsides towards the $9,300 level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly moving in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level.<\/p>\n
Major Support Levels \u2013 $9,600 followed by $9,500.<\/p>\n
Major Resistance Levels \u2013 $9,740, $9,800 and $9,830.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is currently correcting higher from the $9,300 support against the US Dollar. BTC price must clear the $9,740 and $9,800 resistance levels to continue higher in the near term. Bitcoin is currently showing a few positive signs above the $9,500 and $9,600 levels. The price is likely to gain bullish momentum if it breaks the $9,740 and $9,800 resistance levels. There is a bear flag forming with resistance near $9,740 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could resume its decline if it fails to clear the $9,740 resistance zone. Bitcoin Price Facing Hurdles Yesterday, we saw a sharp U-turn in bitcoin price from well above $10,000 against the US Dollar. BTC broke many key supports near $9,800 and the 100 hourly simple moving average. It even spiked below the $9,500 support and tested the $9,300 support area. A low is formed near $9,299 and the price is currently correcting higher. It is now trading above the $9,500 pivot level. There was a break above the 23.6% Fib retracement level of the downward move from the $10,366 high to $9,299 low. Moreover, it is trading above the $9,600 level and the 100 hourly simple moving average. It seems like there is a bear flag forming with resistance near $9,740 on the hourly chart of the BTC\/USD pair. The channel resistance zone is close to the recent breakdown zone at $9,740. There is also a connecting bearish trend line forming with resistance near $9,745 on the same chart. If bitcoin price clears the trend line resistance, it could test the next major resistance near $9,800. The 50% Fib retracement level of the downward move from the $10,366 high to $9,299 low is also near $9,832. If the bulls manage to clear the $9,740 and $9,800 resistance levels, there are chances of a steady rise in the coming sessions. The next key resistance zone is seen near the $10,000 level. Fresh Decline in BTC? There are chances of another downside break in bitcoin if it struggles to clear $9,740 and the trend line resistance. On the downside, the first key support is near the flag channel at $9,600. A clear break below the bear flag at $9,600, it could accelerate losses. An immediate support is at $9,500, below which there is a risk of more downsides towards the $9,300 level. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level. Major Support Levels \u2013 $9,600 followed by $9,500. Major Resistance Levels \u2013 $9,740, $9,800 and $9,830.<\/p>\n","protected":false},"author":67,"featured_media":426153,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,76835],"class_list":["post-426151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n
Technicals Suggest Bitcoin Needs To Clear $9,800 For Hopes of a Fresh Rally<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n