- Bitcoin looks to regain the 9k handle, as the buyers return on Saturday.
- But recovery appears capped while below 38.2% Fib level on hourly sticks.
Bitcoin (BTC/USD), the most favorite cryptocurrency, is on a gradual rise this Saturday, reversing a dip to two-week lows of 8,668.60. Despite the profit-taking rally, the coin remains below the 9k level, losing nearly 4% over the last 24 hours. At the press time, the No. 1 coin trades near 8,850/60 region, up over 1% on the day while it's market capitalization stands at $ 160.12 billion.
From the near-term technical perspective, given that the first coin has managed to sustain the comeback so far, the bulls are seen struggling to overcome the 38.2% Fibonacci Retracement (Fib) of the recent sell-off to two-week lows, located at 8,883. The hourly Relative Strength Index (RSI), which rests in the overbought territory above 90.0, also suggests that the bulls are having a tough time extending the bounce. Only a sustained breakthrough above the last could confirm a bullish reversal, with the next upside barrier seen at 9k mark, above which the next upside target lies near 9,030/40 region, the confluence of the 61.8% Fib and bearish 100-hourly Simple Moving Average (HMA).
On the flip side, the downside momentum could resume if the price breaches the 21-HMA support at 8,820, with the next support eyed at the 8,800 level, where the 23.6% Fib level coincides. Should the bulls fail to defend the last-mentioned round number, the two-week lows will be back on the sellers’ radar.
BTC/USD 1-hour chart
BTC/USD Levels to watch
|Today last price||8859.90|
|Today Daily Change||94.89|
|Today Daily Change %||1.08|
|Today daily open||8765.03|
|Previous Daily High||9247.28|
|Previous Daily Low||8668.6|
|Previous Weekly High||9580.19|
|Previous Weekly Low||8668.6|
|Previous Monthly High||10484.7|
|Previous Monthly Low||7300.54|
|Daily Fibonacci 38.2%||8889.65|
|Daily Fibonacci 61.8%||9026.22|
|Daily Pivot Point S1||8539.99|
|Daily Pivot Point S2||8314.96|
|Daily Pivot Point S3||7961.32|
|Daily Pivot Point R1||9118.67|
|Daily Pivot Point R2||9472.31|
|Daily Pivot Point R3||9697.35|
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