Bitcoin Just Saw A Key Technical Breakout: Big Reaction From Bulls Likely

Aayush Jindal

1 year ago

2 mins read

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Bitcoin started a steady increase and broke the $9,300 resistance against the US Dollar. BTC is currently up close to 3% and it might continue to rise towards the $9,500 resistance.

Bitcoin is gaining momentum and it recently broke the $9,300 resistance zone.
The price traded to a new weekly high at $9,372 and settled above the 100 hourly simple moving average.
There is a short-term ascending channel forming with support near $9,290 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair remains supported on dips and it could continue to rise towards the $9,500 resistance.

Bitcoin Price Turns Green

Yesterday, we saw a lot of positive signs above $9,100 for bitcoin against the US Dollar. BTC started a steady rise and it surpassed the main $9,250 and $9,300 resistance levels to move into a positive zone.

It even spiked above the $9,300 level and settled above the 100 hourly simple moving average. A new weekly high is formed near $9,372 and the price is currently correcting lower. It declined below the 23.6% Fib retracement level of the recent rise from the $9,178 low to $9,372 high.

It seems like there is a short-term ascending channel forming with support near $9,290 on the hourly chart of the BTC/USD pair. The pair is currently approaching the channel support at $9,290.

Bitcoin price breaks $9,300: Source: TradingView.com

The next major support is near the $9,275 level. It is close to the 50% Fib retracement level of the recent rise from the $9,178 low to $9,372 high. On the upside, the $9,350 and $9,375 levels are short-term hurdles.

If the price gains pace above the $9,375 resistance, it could continue to rise towards the next crucial hurdle near the $9,500 level. Any further gains could open the doors for a larger wave towards the $9,800 level in the coming sessions.

Key Supports in BTC

If bitcoin starts a major downside correction below $9,290 or $9,275, it could find support near the $9,245 level (the recent breakout zone).

The next crucial support is seen near the $9,180 level, below which the price is likely to move back into a bearish zone in the near term. In the mentioned case, it may perhaps revisit the $9,000 level.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now correcting lower towards the 50 level.

Major Support Levels – $9,275, followed by $9,180.

Major Resistance Levels – $9,350, $9,375 and $9,500.

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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In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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