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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Smashes Heavy Resistance: Here’s What Could Propel It To $10,000

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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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 Price
Bitcoin Price

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.

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Aayush Jindal
Aayush Jindal

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.

Read more

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.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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How Our News is Made

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