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- Bitcoin price stayed above the $9,600 support level and climbed higher against the US Dollar.
- The price broke the $10,000 resistance and it is now testing the key $10,200 resistance.
- There was a break above a major contracting triangle with resistance near $9,910 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is likely to continue higher once there is a successful close above the $10,200 resistance.
Bitcoin price is gaining momentum above the $10,000 level against the US Dollar. BTC price could accelerate upsides once it clears the $10,200 resistance area.
Bitcoin Price Analysis
Yesterday, we saw fresh bearish wave in bitcoin price from the $10,200 resistance against the US Dollar. The BTC/USD pair dipped below the $9,800 support level and the 100 hourly simple moving average. Moreover, the price traded below the $9,700 level, but the $9,625 level acted as a support. It seems like the price stayed above $9,600 and a bullish trend line protected declines.
A swing low was formed near $9,627 and the price started a fresh increase. There was a break above the $9,800 and $10,000 resistance levels. Furthermore, the price settled above the $10,000 resistance and the 100 hourly simple moving average. More importantly, there was a break above a major contracting triangle with resistance near $9,910 on the hourly chart of the BTC/USD pair.
The pair ran into the key $10,200 resistance and it is currently consolidating gains. An immediate support is near the $10,080 level. The 23.6% Fib retracement level of the recent wave from the $9,627 low to $10,212 high is also near the same level. If there are more losses, the price could test the $10,000 support level. The next support is near the 50% Fib retracement level of the recent wave from the $9,627 low to $10,212 high at $9,920.
On the upside, the $10,200 area is a crucial hurdle. If there is an upside break above $10,200, the price could accelerate higher in the coming sessions. The next important resistance is near the $10,400 level, above which there are chances of more gains towards the $10,800 level.
Looking at the chart, bitcoin price is facing a strong resistance near $10,200. If there is another failure near $10,200, the price could form double top and decline heavily. Conversely, a successful close above the $10,200 resistance might start a strong increase towards $10,400 and $10,800.
Technical indicators:
Hourly MACD – The MACD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level, with positive signs.
Major Support Levels – $10,080 followed by $10,000.
Major Resistance Levels – $10,200, $10,400 and $10,800.
