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$9,500: Bitcoin Bulls Aim Big After Recent Surge Above $8,500

Avatar Aayush Jindal 1 month ago

Bitcoin found a strong buying interest above $8,200, resulting in a fresh increase above $8,500. BTC price is currently above $8,600 and the bulls seem to be eyeing a break above $8,800 and $9,000.

  • Bitcoin price is currently rising and showing positive signs above $8,500 against the US Dollar.
  • The bulls seem to be in control above the $8,400 and $8,500 support levels.
  • There was a break above a major bearish trend line with resistance near $8,360 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to accelerate towards $9,200 if it clears the $8,800 resistance area.

Bitcoin Price Is Rising Again

In yesterday’s weekly analysis using the daily chart, we discussed the importance of the $8,200 and $8,000 support levels for bitcoin. It seems like the $8,200 level played well, resulting in a fresh upward move in BTC price above the $8,400 resistance.

A decent support base is formed near the $8,280 level and the price is now trading well above the 100 hourly simple moving average. It surpassed the 50% Fib retracement level of the last major decline from the $8,793 high to $8,214 low.

Moreover, there was a break above a major bearish trend line with resistance near $8,360 on the hourly chart of the BTC/USD pair. The pair is now trading nicely above the $8,500 and $8,600 resistance levels.

Bitcoin Price

Bitcoin Price

An immediate resistance is near the $8,660 level. Besides, the 76.4% Fib retracement level of the last major decline from the $8,793 high to $8,214 low is near the $8,660 area.

A successful break above the $8,660 resistance could initiate a solid upward move above the $8,800 resistance area. In the mentioned case, bitcoin is likely to grind higher towards the $9,200 resistance. The last line of defense for the bears may perhaps be near the $9,500 level.

BTC Might Present Buying Opportunity

If BTC price corrects lower from the $8,660 resistance, it could find support near the $8,600 level. The main support is now near the $8,500 level (the recent breakout zone).

Any further losses might lead bitcoin price towards the $8,400 support or the 100 hourly simple moving average. The overall price action is positive and it seems like BTC could continue to rise towards the $8,800 and $9,200 resistance levels in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower from the 75 level.

Major Support Levels – $8,500 followed by $8,400.

Major Resistance Levels – $8,660, $8,800 and $9,200.

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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