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Home Cryptocurrency news Bitcoin

$9,500 is Imminent For Bitcoin Despite 5% Intraday Gain: Here’s Why

Aayush Jindal by Aayush Jindal
12 months ago
in Bitcoin, Technical analysis
Reading Time: 2min read
Bitcoin
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Bitcoin gained bullish momentum above the key $8,800 resistance. As a result, BTC price surpassed $9,000 and it seems like the bulls are now aiming a test of $9,500.

  • Bitcoin price is rising and it is now trading nicely above $9,000 against the US Dollar.
  • The bulls are in control and there are high chances of a run towards $9,500.
  • There is a key bullish trend line forming with support near $8,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to accelerate towards $9,500 if it clears the $9,200 resistance area.

Bitcoin Price Is Setting Up for $9,500

Yesterday, we discussed how bitcoin bulls aim big after the price surge above the $8,500 resistance. BTC even surged above the main $8,800 resistance level and the 100 hourly simple moving average to move further into a positive zone.

In the past three sessions, the price is up around 5% and it surpassed the $9,000 psychological barrier. A new weekly high is formed near the $9,145 and the price is currently correcting lower.

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It is trading near the 23.6% Fib retracement level of the recent rise from the $8,873 low to $9,145 high. The first key support on the downside is near the $9,000 level.

Furthermore, the 50% Fib retracement level of the recent rise from the $8,873 low to $9,145 high is also near the $9,000 level to act as a strong support. If there are additional losses, bitcoin price might decline towards the $8,880 support area.

More importantly, there is a key bullish trend line forming with support near $8,880 on the hourly chart of the BTC/USD pair. If the price fails to stay above the $8,800 support, it could revisit the main $8,500 support area (the recent breakout zone).

Bitcoin Price
Bitcoin Price

Here Are Bullish Targets

In the short term, BTC might correct lower towards the $9,000 and $8,880 support levels. However, the bulls remain in control as long as the price is above $8,500 and the 100 hourly simple moving average.

On the upside, an initial resistance is near the $9,200 area. If bitcoin surges above the $9,200 resistance, it will most likely set the pace for a test of the $9,500 hurdle. Any further gains may perhaps call for a push towards $10,000 in the near term.

Technical indicators:

Hourly MACD – The MACD is showing positive signs in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting from the overbought zone.

Major Support Levels – $9,000 followed by $8,880.

Major Resistance Levels – $9,150, $9,200 and $9,500.

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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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