Bitcoin Price Analysis: BTC/USD clings to small recovery gains, stays below $9,200

Technical outlook suggests that BTC/USD could have a hard time pushing higher.

Bitcoin Price Analysis: BTC/USD clings to small recovery gains, stays below $9,200

In the wake of posting little day by day gains on Friday, Bitcoin (BTC/USD) remained generally quiet during the main portion of the day on Saturday yet organized an unobtrusive bounce back. Be that as it may, BTC/USD battled to safeguard its bullish force and discovered opposition close $9,200. As of composing, Bitcoin was up 0.2% on the day at $9,170. 

BTC/USD specialized standpoint 

The RSI pointer on the every day outline remains close to 50 and BTC/USD is exchanging close to the plunging triangle arrangement, proposing that the pair could make some intense memories posting extra recuperation gains. On the upside, $9,200 (20-day SMA/every day high) adjusts as the underlying obstruction in front of $9,400 (50-day SMA) and $9,780 (Jun. 22 high). 

Supports, then again, could be seen at $9,000/$8,750 locale (Jul. 16 low/100-day SMA/Jul. 5 low/Fibonacci 23.6% retracement of March-June rally) and $8,500 (200-day SMA).

BTC/USD chart (daily)