Bitcoin Breaks Key Hurdle: Here’s Why It Could Revisit $10,000

Aayush Jindal

1 year ago

2 mins read

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Bitcoin is up more than 4% and it broke the key $9,500 resistance zone against the US Dollar. BTC price is currently correcting lower, but dips remain supported near $9,350.

Bitcoin gained traction above the $9,300 and $9,500 resistance levels.
The price traded as high as $9,624 and it is currently correcting lower.
There is a major ascending channel forming with support near $9,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct further, but dips are likely to remain supported near $9,350 and $9,300.

Bitcoin Price Turns Green

Yesterday, we discussed the chances of a strong increase in bitcoin price if it clears the $9,300 resistance against the US Dollar. BTC price did break the $9,300 resistance and it even surged above the $9,500 level.

The upward move was strong as the price spiked above the $9,600 level and settled above the 100 hourly simple moving average. The price traded as high as $9,624 and it is currently correcting lower.

It is testing the 23.6% Fib retracement level of the recent rally from the $9,108 low to $9,624 high. On the downside, there are many supports near the $9,400 and $9,350 levels. There is also a major ascending channel forming with support near $9,350 on the hourly chart of the BTC/USD pair.

The channel support is close to the 50% Fib retracement level of the recent rally from the $9,108 low to $9,624 high. The main support is now near the $9,300 level (the recent breakout zone).

If the price breaks the channel support, the bulls are likely to defend the main $9,300 support. Any further losses may perhaps lead the price towards the $9,200 and $9,100 support levels in the near term.

More Gains in BTC?

As long as bitcoin is above the $9,300 support zone, it is likely to continue higher. An initial resistance is near the $9,600 and $9,650 levels.

The first major resistance on the upside is near the $9,800 level. If the bulls clear the $9,800 resistance, the price could continue to rise towards the $9,950 and $10,000 resistance levels in the coming sessions. Any further gains might lead the price towards $10,200.

Technical indicators:

Hourly MACD – The MACD is slowly reducing its current bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 60 level.

Major Support Levels – $9,350 followed by $9,300.

Major Resistance Levels – $9,650, $9,800 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.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

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