Bitcoin (BTC/USD) has been essentially trading sideways with $9200 in the middle of its choppy range between $8600 and $9760. As the middle of the range $9200 is a key pivot.
BTC/USD 1H Chart
- When price is moving sideways, we can see it is at a temporary equilibrium.
- In this context, the $9180-$9200 area can be see as the central pivot.
- This can be an important level because if we see price start to hold on one side, we can anticipate a directional move out of this "equilibrium".
- Looking at the 1H chart, we can see that the $9180 resistance is holding at the moment.
- This area is reinforced by the 200-hour simple moving average (SMA).
- Meanwhile, the RSI which dipped to 30 before, is now holding under 60 after a bounce. This shows maintenance of the prevailing bearish momentum.
- So, if price can hold under $9200, it would suggest bearish pressure towards the $8600 level.
- A break above $9200 however, puts pressure back on the $9700 level.