Bitcoin (BTC/USD) found support after tagging the $6000 mark. It is now holding above $8000. The next key resistance will be around $9000-$9300.
BTC/USD 4H Chart
- If price does rally to $9000, BTC/USD will be facing a previous support/resistance pivot area.
- It will also face a falling trendline and the 100-period simple moving average (SMA).
- Furthermore, the RSI will be around 60, and if the bearish momentum persists, it should turn down.
- Therefore, the 9000-9300 area will be a critical resistance.
- Inability to break this area keeps BTC/USD in a consolidation/correction phase, which we will have to monitor $8000 area for support.
- If price does find support at $8000 and/or clears above $9300, there is upside to $12K.
- I think the 12K level will be the most critical resistance.
- But for now, let's keep our eye on the 9000-9300 area for resistance in the short-term.