Bitcoin Smashes Heavy Uptrend Resistance as Bulls Take Over Crypto Market

Aayush Jindal

1 year ago

2 mins read

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Bitcoin gained around 2% and it broke the $9,500 resistance against the US Dollar. BTC is currently consolidating gains and indicators suggest high chances of more upsides above $9,600.

Bitcoin is up close to 2% and it surpassed the key $9,500 resistance level.
The price traded to a new monthly high at $9,568 and it is above the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $9,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct lower in the short-term, but the bulls are likely to protect $9,450 or $9,400.

Bitcoin Price Breaks $9,500

In the past two days, there was a positive price action in bitcoin above $9,200 against the US Dollar. BTC started a steady rise and broke the $9,300 and $9,500 resistance levels.

The price even spiked above the $9,550 resistance and settled well above the 100 hourly simple moving average. It traded to a new monthly high at $9,568. Bitcoin is currently consolidating gains above the $9,500 level.

An initial support is near the $9,500 level since it is close to the 23.6% Fib retracement level of the recent surge from the $9,284 swing low to $9,568 high. The first major support is near the $9,450 level, below which the price might extend its decline.

There is also a major bullish trend line forming with support near $9,420 on the hourly chart of the BTC/USD pair. The trend line coincides with the recent breakout zone and the 50% Fib retracement level of the recent surge from the $9,284 swing low to $9,568 high.

Bitcoin price smashes $9,500: Source: TradingView.com

On the upside, the bulls need to gain strength above the $9,550 and $9,580 levels. If they succeed, the price is likely to accelerate higher towards $9,800 in the near term. Any further gains could lead the price towards the $10,000 barrier.

Uptrend Intact in BTC

If bitcoin corrects lower, the bulls are likely to protect $9,450 or $9,400. A downside break below the trend line support might call for an extended decline towards $9,360.

The next major support is near the $9,300 level, followed by the 100 hourly simple moving average. Any further losses may perhaps push the price back towards the $9,000 support.

Technical indicators:

Hourly MACD – The MACD is currently moving nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 70 level.

Major Support Levels – $9,450, followed by $9,400.

Major Resistance Levels – $9,550, $9,580 and $9,650.

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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