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Bitcoin Rebounds: Monitor $9000-$9300 for Resistance

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.

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