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Bitcoin (BTC/USD) - Key Resistance in the Short-term

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

Equilibrium

  • 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". 

Resistance

  • 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.

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