Bitcoin Price (BTC) Watch: Here Is Why Upsides Could Be Capped
The price is struggling to break the $9,800 and $9,880 resistance levels.
There is a major bearish trend line forming with resistance near $9,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price could only turn bullish after it captures the $9,900 and $10,000 resistance levels.
Bitcoin price is facing a lot of barriers near $9,900 and $10,000 against the US Dollar. BTC could trim recent gains if it fails to climb above $9,900 or $10,000 in the near term.
Bitcoin Price Analysis
Recently, BTC started a decent upside correction from the $9,316 swing low against the US Dollar. It seems like a decent support base is forming near the $9,350 and $9,400 levels. The price climbed above the $9,500 and $9,520 resistance levels. Moreover, there was a close above the $9,500 level and the 100 hourly simple moving average. It opened the doors for more gains above $9,550.
Additionally, bitcoin gained pace above the 23.6% Fib retracement level of the last key decline from the $10,293 high to $9,316 low. However, the price is now struggling to break the $9,800 resistance area (the previous support). Moreover, it seems like the 50% Fib retracement level of the last key decline from the $10,293 high to $9,316 low is acting as a strong resistance.
On the upside, there is a major bearish trend line forming with resistance near $9,900 on the hourly chart of the BTC/USD pair. Above the trend line, the 61.8% Fib retracement level of the last key decline from the $10,293 high to $9,316 low is at $9,920. However, the main resistance is near the $10,000 level, above which the price is likely to move back into a positive zone.
On the downside, an initial support is near the $9,660 level (the recent resistance area). The next key support is near the $9,600 level and the 100 hourly SMA. If there is a downside break below the 100 hourly SMA, the price could revisit the $9,350 support area in the near term.
Looking at the chart, bitcoin price is facing a lot of hurdles near the $9,800, $9,900 and $10,000 levels. It seems like the bulls could attempt to push the price above $10,000. If they fail, the price will most likely start a fresh decline towards $9,500 or $9,350.
Hourly MACD The MACD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) The RSI for BTC/USD is correcting lower towards the 60 level.
Major Support Levels $9,660 followed by $9,500.
Major Resistance Levels $9,800, $9,900 and $10,000.
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