Bitcoin Seems Few Steps Away From A Picture Perfect Resistance Smashing

Aayush Jindal

1 year ago

2 mins read

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Bitcoin is trading above the $9,600 and $9,500 levels against the US Dollar. BTC price is showing positive signs and it seems a few steps away from smashing the $10,000 resistance.

Bitcoin is trading nicely above the $9,600 and $9,560 support levels.
The price is likely to make another attempt to clear the $9,950 and $10,000 resistance levels.
There is a crucial bullish trend line forming with support near $9,590 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could either rally significantly above $10,000 or start a major slide below the $9,560 support.

Bitcoin Approaching Key Breakout

Bitcoin price is trading above a few important supports near the $9,560 and $9,500 levels against the US Dollar. BTC price seems to be trading inside a contracting range and it recently tested the $9,900 zone.

A high was formed near $9,901 before the price corrected lower. It traded below the $9,700, but the $9,600 area acted as support. A low is formed near $9,592 and the price is currently rising.

There was a break above the $9,650 and $9,700 levels. Bitcoin price traded above the 50% Fib retracement level of the recent decline from the $9,901 high to $9,592 low. On the upside, an initial hurdle is near the $9,780 level and a connecting bearish trend line on the hourly chart of the BTC/USD pair.

The 61.8% Fib retracement level of the recent decline from the $9,901 high to $9,592 low is also near $9,780. If there is a clear break above the trend line resistance and $9,800, the price could revisit the $9,950 and $10,000 resistance levels.

To start a significant upward move, the price must break the $9,950 and $10,000 resistance levels. If the bulls succeed, the next key resistance could be $10,500, above which the price might test $11,200.

Downside Reaction?

If bitcoin continue higher and struggles to clear the $9,950 and $10,000 resistance levels, there is a risk of a bearish reaction in the coming sessions.

On the downside, there is a crucial bullish trend line forming with support near $9,590 on the same chart. The main support is near the $9,560 level, below which the price might dive towards the $9,200 and $9,000 levels in the near term.

Technical indicators:

Hourly MACD – The MACD is about to move into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $9,590 followed by $9,560.

Major Resistance Levels – $9,800, $9,950 and $10,000.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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