Bitcoin Could End Current Consolidating With A Strong Rally To $10,500

Aayush Jindal

1 year ago

2 mins read

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Bitcoin is trading in a tight range above the $9,640 support against the US Dollar. BTC price is likely to surge higher if it clears the $9,800 and $9,880 range resistance levels.

Bitcoin is trading in a positive zone above the $9,640 and $9,600 support levels.
The bulls are likely aiming an upside break above the $9,880 resistance zone.
There is a key bearish trend line forming with resistance near $9,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
A downside break below the 100 hourly SMA could start a major decline to $9,500 or $9,300.

Bitcoin Price Stuck In A Range

After a strong recovery wave, bitcoin price faced a strong resistance near the $9,880 level against the US Dollar. BTC started trading in a range below the $9,880 level and it seems to be preparing for the next major move.

There was a break below the $9,720 level, plus the 23.6% Fib retracement level of the upward move from the $9,389 low to $9,811 high. However, the $9,640 level and the 100 hourly simple moving average are acting as strong supports.

On the upside, there is a major hurdle forming near the $9,800 and $9,880 levels. There is also a key bearish trend line forming with resistance near $9,800 on the hourly chart of the BTC/USD pair.

If bitcoin clears the trend line resistance, there are chances of a sharp rally above the $9,880 resistance. The next major resistance is near the $10,000 level, above which the bulls are likely to aim a test of the $10,500 resistance zone in the near term. Any further gains could lead the price towards the $11,200 barrier.

Bearish Move in BTC?

On the downside, there is a range support forming near the $9,640 level and the 100 hourly simple moving average. If there is a bearish break below the 100 hourly SMA, the price could test the $9,600 level.

The 50% Fib retracement level of the upward move from the $9,389 low to $9,811 high is near the $9,600 level to act as a support. Any further losses may perhaps put a lot of pressure on the bulls and the price might decline further towards the $9,500 support or $9,400.

Technical indicators:

Hourly MACD – The MACD is likely to gain strength in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently struggling to stay above the 50 level.

Major Support Levels – $9,640 followed by $9,500.

Major Resistance Levels – $9,800, $9,880 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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