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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.
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).
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.
