Bitcoin (BTC) Price Could Accelerate To $9.8K Unless It Breaks $9.2K

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price is holding a couple of important supports near the $9,200 level against the US Dollar.
The price is likely to accelerate gains if there is a clear break above the $9,400 and $9,500 levels.
There is a major breakout pattern forming with resistance near $9,375 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Ethereum and ripple are also trading with a positive bias above $185 and $0.2950 respectively.

Bitcoin price is consolidating above key supports against the US Dollar. BTC price is likely to start a strong rise once it settles above $9,400 and $9,500.

Bitcoin Price Analysis

After struggling to settle above $9,500, bitcoin started a downside correction against the US Dollar. BTC corrected lower and traded below the $9,400 and $9,350 levels. However, the price stayed above the $9,200 support and the 100 hourly simple moving average.

At the outset, the price is consolidating in a contracting range above the $9,200 support. The last swing high was near $9,435 and the last swing low was near $9,278. The price is currently moving higher above the $9,300 level.

Moreover, there was a break above the 23.6% Fib retracement level of the recent decline from the $9,435 high to $9,278 low. An immediate resistance is near the $9,350 and $9,375 levels.

Additionally, the 50% Fib retracement level of the recent decline from the $9,435 high to $9,278 low is near the $9,350 level. More importantly, there is a major breakout pattern forming with resistance near $9,375 on the hourly chart of the BTC/USD pair.

Therefore, an upside break above $9,350 and $9,375 could set the pace for more upsides in the near term. The next major resistance is near the $9,500 area, above which bitcoin may perhaps accelerate towards $9,600 and $9,800.

On the downside, an immediate support is near the triangle at $9,280. If there is a downside break, the price could retest the $9,200 support. Any further losses below $9,200 might clear the path for a push towards the $9,000 and $8,960 support levels.

Looking at the chart, bitcoin seems to be preparing for the next break either above $9,375 or below $9,280. Having said that, a downside break below the $9,200 support area won’t be easy. Thus, there are high chances of an upside break above the $9,375 and $9,400 resistance levels in the near term.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining and is just below the 50 level.

Major Support Levels – $9,280 followed by $9,200.

Major Resistance Levels – $9,375, $9,400 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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