• Bitcoin price retests the support at $9,000 but recovery is still capped under $9,100.
  • A pennant pattern and a rising wedge pattern signal a possible bearish reversal likely to force BTC/USD into the $8,000’s range.

Spot rate: $9,043

Relative change: -24

Percentage change: -0.27%

Trend: Short term bullish bias

Volatility: High

BTC/USD 4-hour chart

Bitcoin price is trading between the moving averages’ support and resistance. The 100 SMA limits movement above $9,200 while the 50 SMA is positioned to offer support at $8,776 in the event a devastating breakdown occurs.

$9,000 has stood out as a key buyer congestion zone. On the upside, $9,200 is a notorious seller concentration area that must come down to allow BTC/USD to come out of the danger zone (under $9,100).

The formation of a pennant pattern suggests that bears are still hovering around and if bulls are not careful, it will not be long before the price makes a dive under $9,000.

BTC/USD 1-hour chart

BTC/USD price chart

Bitcoin price still struggles with bearish pressure despite the surge that almost brushed shoulders with $9,200. Moreover, a forming rising wedge pattern suggests that a breakdown is in the offing unless BTC/USD bulls cement their position on the market with a push above $9,200.

BTC/USD

Overview
Today last price 9041.46
Today Daily Change -26.59
Today Daily Change % -0.29
Today daily open 9068.05
 
Trends
Daily SMA20 9303.6
Daily SMA50 9298.23
Daily SMA100 8378.37
Daily SMA200 8733
 
Levels
Previous Daily High 9169.73
Previous Daily Low 8757.82
Previous Weekly High 10027.5
Previous Weekly Low 8431.17
Previous Monthly High 10511.86
Previous Monthly Low 8431.17
Daily Fibonacci 38.2% 9012.38
Daily Fibonacci 61.8% 8915.17
Daily Pivot Point S1 8827.34
Daily Pivot Point S2 8586.62
Daily Pivot Point S3 8415.43
Daily Pivot Point R1 9239.25
Daily Pivot Point R2 9410.45
Daily Pivot Point R3 9651.16

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Cardano price could trap impatient investors before triggering an explosive move to $0.505

Cardano price could trap impatient investors before triggering an explosive move to $0.505

Cardano price shows a consolidation below a stable support level and has yet to reveal a directional bias. The ongoing range tightening will likely resolve as the US markets head to a fresh start this week.

More Cardano news

LUNA Classic price hints at a 25% crash as Do Kwon under Red Notice from Interpol

LUNA Classic price hints at a 25% crash as Do Kwon under Red Notice from Interpol

LUNA Classic price reveals a bearish outlook that could unfold over the course of this week. A minor run-up seems plausible, but it is just a move to squeeze the bulls. Therefore, market participants should be ready for a quick reversal. 

More Luna Classic news

Ethereum Price Prediction: Assessing the possibility of a post-Merge rally

Ethereum Price Prediction: Assessing the possibility of a post-Merge rally

Ethereum price trades at $1,323 on Sunday, several days after sliding to $1,200. It was a surprise that the largest smart contracts token would give up most of its gains during and after the much-publicized Merge. On-chain data shows a significant reduction in the Ethereum Supply.

More Ethereum news

Why Chainlink price could lose momentum at $8.00

Why Chainlink price could lose momentum at $8.00

Chainlink price is among the few crypto assets in the green on Sunday. The smart contacts’ price feed oracle token defied the bear market this week to post 23.7% gains. As discussed earlier in the week, the V-shaped pattern matured at LINK brushed shoulders with $8.00.

More ChainLink news

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin price takes the first step to recovery but needs solid confirmation that will arrive after a flip of the $19,539 level into a support floor. After a successful flip, investors could expect a move up to an intermediate hurdle at $20,737.

Read full analysis

BTC

ETH

XRP