Bitcoin Lacks Momentum Above $9k: Here’s Why Bulls Are Comfortable

After many failed attempts, bitcoin finally managed to pop above the $8,950 and $9,000 resistance levels against the US Dollar. BTC price settled nicely above the $9,000 level and the 100 hourly simple moving average. A new weekly high is formed near $9,172 and the price is currently correcting lower. The current technical structure suggests that the price is lacking strength above $9,000.

It declined below the 23.6% Fib retracement level of the upward move from the $8,670 low to $9,172 high. However, the bulls need not to worry just yet as there are many supports on the downside near the $9,000 and $8,950 levels. The first key support is near the $8,950 level (the recent breakout zone). The next key support is near the $8,920 level. It coincides with the 50% Fib retracement level of the upward move from the $8,670 low to $9,172 high.

Hourly MACD – The MACD is about to move back into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still well above the 50 level.

Major Support Levels – $8,950 followed by $8,860.

Major Resistance Levels – $9,100, $9,200 and $9,500.

Bitcoin Lacks Momentum Above $9k: Here’s Why Bulls Are Comfortable, NewsBTC, Mar 6