Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin broke a major resistance zone near $9,000 and $9,100 against the US Dollar. BTC price is gaining momentum and it could soon climb above $9,500 and test $10,000.
- Bitcoin started a strong rise and broke the key $9,100 resistance zone.
- The price is now trading close to $9,400 and it might soon attempt to clear $9,500.
- There is a major bullish trend line forming with support near $9,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate its rise if there is a proper H4 close above $9,500 and $9,570.
Bitcoin Rises Sharply
Yesterday, we discussed how bitcoin price could gain bullish momentum if it breaks $9,000 against the US Dollar. BTC price did manage to surpass the $9,000 resistance and the 100 hourly simple moving average.
The bulls even pushed the price above the key $9,100 resistance zone. There was a break above this week’s followed bearish trend line with resistance near $8,910 on the hourly chart of the BTC/USD pair.
Bitcoin traded as high as $9,408 and it is currently consolidating gains. An initial support on the downside is near the $9,120 level. It is close to the 23.6% Fib retracement level of the recent rise from the $8,186 low to $9,408 high.
More importantly, there is a major bullish trend line forming with support near $9,120 on the same chart. If there is a downside break below the trend line, the price could correct lower towards the $9,000 support.
On the upside, the $9,400 level is an initial resistance zone. The main resistance is near the $9,500 and $9,570 levels. If the bulls gain pace above the $9,570 resistance, the price could start a strong increase in the coming sessions. The next major hurdle for the bulls is seen near the $10,000 level.
Another Decline?
If bitcoin fails to stay above the $9,000 support, there are chances of more losses towards the $8,800 support level. It is close to the 50% Fib retracement level of the recent rise from the $8,186 low to $9,408 high.
Any further losses below the $8,800 support zone could open the doors for a larger decline towards the $8,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.
Major Support Levels – $9,120 followed by $9,000.
Major Resistance Levels – $9,400, $9,570 and $10,000.
