After hovering around $9,400 for some days, Bitcoin so far could not break the major resistance level of $9,500 convincingly to make a march towards the all-important support level of $10,000. Instead, the Bitcoin price is declining and struggling to stay above the $9,000 support level against the US Dollar.
At the time of this writing, Bitcoin is somehow managing to stay above the $9,100 level at $9,118.
According to experts, as the Bitcoin price is struggling to stay above $9,400, there is a risk of another drop below the $9,000 support in the near term. At the same time, the price could go higher, but it might face strong resistance near the $9,200 and $9,300 level. But, there is a declining channel forming with resistance near $9,400 on the hourly
After its historic 42% rally on October 25, Bitcoin was seen struggling near the $9,500 resistance level. After staying in that resistance area for some time, Bitcoin started a steady decline and traded below a couple of key support levels near the $9,400 and $9,320. In fact, there was a break below the $9,200 support and the 100 hourly simple
moving average. The price even spiked below the $9,000 support area and traded to a new weekly low near the $8,951 level.
After that, Bitcoin started to go ahead to trade above the $9,250 level. Though the price climbed above the $9,300 resistance level, it failed to gain momentum above $9,400. A high was formed near $9,452 and the price is currently declining. There was a break below the $9,200 support, plus the 50% Fib retracement level of the upward move from
the $8,951 low to $9,452 high.
Currently, Bitcoin is testing the $9,080 support area. It seems like the 76.4% Fib retracement level of the upward move from the $8,951 low to $9,452 high is acting as a decent support. However, the main support is near the $9,000 level, below which there is a risk of an extended decline towards the $8,950 and $8,830 level.
On the upside, there are many hurdles near the $9,200 and $9,300 levels. More importantly, the 100 hourly simple moving average is also near the $9,300 level to act as a hurdle. However, there is a declining channel forming with resistance near $9,400 on the hourly chart of the BTC/USD pair. Therefore, the price must climb above $9,300 and
$9,400 to start a strong rise in the near term.