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Key Points
- Bitcoin price formed a support base around $9,000 and jumped higher against the US Dollar.
- There was a break above a crucial declining channel with resistance at $9,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is currently struggling to settle above $9,400 and the 100 hourly simple moving average.
Bitcoin price is showing positive signs above $9,200 against the US Dollar. BTC/USD has to settle above the 100 hourly SMA to climb above $9,500 in the near term.
Bitcoin Price Trend
After a downside correction, bitcoin price found a strong buying interest near the $9,000 level against the US Dollar. The price formed a low at $8,969 and started an upside move. It climbed higher and cleared the 23.6% Fib retracement level of the last drop from the $9,959 high to $8,969 low. It opened the doors for more upsides and the price broke a couple of key hurdles near $9,180 and $9,200.
More importantly, there was a break above a crucial declining channel with resistance at $9,200 on the hourly chart of the BTC/USD pair. The pair tested the next major resistance at $9,450 and the 100 hourly simple moving average. It seems like buyers struggled to break the $9,450 resistance since it is the 50% Fib retracement level of the last drop from the $9,959 high to $8,969 low. It is currently consolidating gains near the $9,350 level and the 100 hourly SMA. Once there is a successful close above 100 SMA and $9,450, the price may resume its uptrend.
Looking at the chart, there are many positive signs above the $9,200 support. As long as the price is stable and holds the bullish bias above $9,200, it is likely to break $9,450. The next stop for buyers could be $9,600 and $9,750.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is now well above the 50 level.
Major Support Level – $9,200
Major Resistance Level – $9,450
