- Bitcoin price is declining and it is trading below the key $9,400 resistance against the US Dollar.
- The price is likely to find a strong buying interest above the $9,200 support area.
- There is a key contracting triangle pattern forming with resistance near $9,360 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- A clear break above the $9,360 and $9,400 levels is needed for more upsides in the near term.
Bitcoin price is struggling to continue higher against the US Dollar. BTC price remains at a risk of more downsides if it fails to stay above the $9,200 support area.
Bitcoin Price Analysis
In the past three sessions, there was a steady decline in bitcoin below the $9,400 pivot level against the US Dollar. BTC is facing an increase in selling interest below $9,375, but it is still holding the 100 hourly simple moving average.
The last swing high was near $9,440 before the price declined towards the $9,200 support area. The recent low was $9,257 and the price is currently consolidating losses.
An immediate resistance on the upside is near the $9,350-$9,360 area. It coincides with the 50% Fib retracement level of the recent drop from the $9,440 high to $9,257 low.
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Author: Aayush Jindal