The price of the leading crypto coin, Bitcoin is still fighting to rebound to a higher price. It has continued to drop below the main support level of $9,300 against the US dollar. More declines might be recorded if the price breaks the support level of $9,120.
BTC Now Showing Bearish Signs
At the moment, this top coin is indicating bearish signs below the levels of $9,240 and $9,300 against the US dollar. As noted, more losses could be accelerated by this coin if it continues to struggle in the level it is right now. On the hourly chart of Bitcoin and the US dollar, a major bearish trend has been seen coming up. It has a resistance in the region of $9,240.
How The Price Has Been Moving
A steady drop in the price of Bitcoin has been witnessed in the past couple of hours. It dropped from the high of $9,374 against its major industry rival, the US Dollar. Before the price finally came down to the support level of $9,300, the last swing high that was in play was 9,374. On top of that, there was also a close below the support of $9,300 as well as the 100 SMA – hourly simple moving average.
The price then spiked below the support level of $9,120 and even, at some point, traded as low as $9,084. At the moment, Bitcoin is correcting above the price level of $9,120. Moreover, it managed to surpass the 50% Fib retracement level of the latest drop to the low of $9,084 from the high of $9,374.
More Hurdles Along The Way
The price of BTC has similarly continued to face a number of challenges on the upside around the levels of $9,240 and $9,300. There is even a key bearish trend line with resistance close to the level of $9,240 on the Bitcoin and US Dollar hourly chart pair. There is also another thing that still caps the upside move. Thus, a flow through above the price of $9,300, and a break above the trend line is required for a new growth. Market commentators expect the next major resistance to be in the region of $9,440. Above this, the coin might just move towards the levels of $9,600 and $9,550 in the coming times.
The Main Technical Indicators For The Coin
From the charts, BTC is trading in a bearish zone. The price is below the resistance level of $9,300. It, therefore, remains at a greater risk of a bearish break that is below the levels of $9,020 and $9,120. There are still chances that the price might settle in a positive area and begin a clear upward move. For this to happen, it must be at over $9,300.