Bitcoin’s Critical Short-Term Top Could Trigger a Retracement
In recent times, the pair was rejected close to $9,880. The pair began a downside extension from the $9,847 swing high and fell under $9,750 support.
Further, it broke under $9,680 and the 100 hourly SMA. This paved the way for additional declines thereby leading to a price drop towards the major $9.5k support zone, where the buyers appeared.
The pair was able to form a swing low close to $9,481 and the price is now retracing higher. Nevertheless, several barriers exist on the upside and it starts with $9,640 and $9,680. A look at the pair’s hourly chart reveals the formation of a major selling trend line with barrier close to $9,640.
A look at the downside shows the key support close to $9.5k zone. A downside break and a close under $9.5k could empower the sellers to take a stand. If they succeed, the price could fall towards $9.2k and $9,050 support.
The initial major hurdle on the upside is close to the trend line and $9,640. The major barrier is close to $9,740 and the 100 hourly SMA. Hence, the buyers need to take the pair above the trend line barrier and secure momentum over the 100 hourly SMA for a new upsurge in the near term. Otherwise, the pair is at risk of a swift fall under $9.5k.
Featured image courtesy of Wallpaper Abyss. Source: Cryptopress.