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Bitcoin Price Analysis: BTC/USD tests waters above $9,200, bullish momentum fades away

  • BTC/USD jumped by 3.5% in a matter of an hour during early European hours.
  • The resistance created by $9,200 may discourage bulls.
Bitcoin Price Analysis: BTC/USD tests waters above $9,200, bullish momentum fades away
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

BTC/USD resumed the recovery and jumped above $9,200 ahead of the European opening. The first digital coin hit the intraday high at $9,296 and retreated to $9,250 by press time. BTC/USD has gained over 3% in less than an hour amid strong bullish momentum. 

BTC/USD: Technical picture

From the technical point of view, BTC/USD returned to 38.2% Fibo retracement for the downside move from July 2019 high to December 2019 low. This area stopped the recovery twice: at the beginning of March and at the beginning of April. If it is cleared, the upside momentum will gain traction and take the price to $9,500.

On the downside, the key support is created by the short-term upside trend line on the approach to psychological $9,000. A sustainable move below this area will increase the selling pressure with the next focus on $8,900 reinforced by a combination of 1-hour SMA50 and SMA100.

BTC/USD 1-hour

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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