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- Bitcoin price stayed above the key $9,000 support and traded higher recently against the US Dollar.
- The price traded above the $9,300 resistance and it recently tested the $9,400 resistance area.
- There was a break above a major contracting triangle with resistance near $9,130 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to climb sharply higher once it clears the $9,390 and $9,400 resistance levels.
Bitcoin price is trading with a bullish tone above $9,300 against the US Dollar. BTC is likely to trade to a new 2019 high this week as long as it is above $9,050.
Bitcoin Price Analysis
After forming a support base near $9,000, bitcoin price started a fresh increase against the US Dollar. The BTC/USD pair traded higher above the $9,100 and $9,120 resistance levels. A swing low was formed at $9,052 and the price recently settled above $9,200. It even traded above the $9,300 level and is currently trading well above the 100 hourly simple moving average.
Moreover, there was a break above a major contracting triangle with resistance near $9,130 on the hourly chart of the BTC/USD pair. On the upside, the $9,400 area seems to be acting as a crucial barrier. The recent high was formed at $9,371 and the price is currently correcting lower. It is testing the 23.6% Fib retracement level of the upward move from the $9,052 low to $9,371 high.
On the downside, there are a few key supports visible near the $9,200 and $9,175 levels. Moreover, an immediate support is $9,210 and the 50% Fib retracement level of the upward move from the $9,052 low to $9,371 high. If there are more losses, the price might test the $9,175 support and the 100 hourly simple moving average.
Besides, the 61.8% Fib retracement level of the upward move from the $9,052 low to $9,371 high is also near $9,175. Therefore, as long as the price is above $9,175, it could make another attempt to surpass the $9,375 and $9,400 levels. If it succeeds, there could be a new 2019 high above the $9,450 level.
Looking at the chart, bitcoin price seems to be trading in a broad range below the $9,400 resistance. The main range supports are near $9,050 and $9,000. If there is a daily close below the $9,000 level, the price could start an extended downside correction towards $8,750 in the near term.
Technical indicators:
Hourly MACD – The MACD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower towards the 60 level.
Major Support Levels – $9,210 followed by $9,175.
Major Resistance Levels – $9,375, $9,400 and $9,450.
