Bitcoin Fails to Sustain Above $9,200, Faces Stiff Resistance

May 04, 2020 at 11:12 // News
Author
Coin Idol
Bulls failed to sustain bitcoin uptrend

Bitcoin's recent uptrend was hampered due to stiff resistance at the $9,200 price level. In its first bullish run, the market reached a high of $9,400.

The bulls could not sustain the uptrend because of stiff resistance at $9,200. Besides, the coin reached the overbought region and it dropped to $8,400 low. Yesterday, buyers pushed prices above the $9,000 resistance for the second time. 

However, after much price tussle above $9,000, the bulls were overpowered. Bitcoin will resume uptrend if the bulls overcome the $9,200 resistance. Thereafter, the momentum will pick up as price rises to the $10,000 resistance. Conversely, if the bulls fail to push above $9,200 resistance, there is the possibility of price falling. The crypto will drop to $8,400 and later decline to $8,000.

Bitcoin Indicator Reading 

As the market reached a high of $9,200, the Relative Strength Index reached the overbought region. BTC is at level 74 of the daily RSI which indicates that sellers are likely to emerge in the overbought region.

BTC-CoinIdol_(11).png

Key Resistance Zones: $10,000, $11,000, $12,000

Key Support Zones: $7, 000, $6, 000, $5,000    

What Is the Next Direction for BTC/USD?

Bitcoin has fallen below the $9,000 resistance. The bulls failed to sustain the upward move because of severe resistance at $9,200 resistance. Possibly, a rebound above $8,800 will break through the resistance of $9,000 and $9,200. However, the downward move may resume if the bears break below $8,600 support.

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

Show comments(0 comments)