- Bitcoin price gained traction and broke the key $9,400 resistance area against the US Dollar.
- The price is currently climbing higher and it is likely to break the key $10,000 resistance.
- There is a major bullish trend line forming with support near $9,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely accelerate gains once it clears the key $10,000 resistance area.
Bitcoin price is up more than 5% and it broke the key $9,500 and $9,700 levels against the US Dollar. BTC is likely to accelerate gains above $10,000 and $10,500 in the near term.
Bitcoin Price Analysis
Yesterday, we discussed the chances of more gains above $9,400 in bitcoin price against the US Dollar. The BTC/USD pair did gain momentum and broke the $9,400 and $9,500 resistance levels. It even cleared the key $9,700 resistance and settled well above the 100 hourly simple moving average. A new 2019 high was formed above $9,800 near $9,814.
At the moment, the price is consolidating gains above the $9,700 level. An immediate support is near the $9,700 level. The 23.6% Fib retracement level of the recent move from the $9,295 low to $9,814 high is also near $9,700. The current price action is positive and suggests more gains above the $9,800 and $9,850 levels.
If there is a downside extension, the price could test the $9,550 support. It represents the 50% Fib retracement level of the recent move from the $9,295 low to $9,814 high. Moreover, there is a major bullish trend line forming with support near $9,480 on the hourly chart of the BTC/USD pair. As long as the pair is above the trend line support, it could climb further higher towards $10,000. The 61.8% Fib retracement level of the recent move from the $9,295 low to $9,814 high is also near the $9,490 level.
If there is a successful close above $10K barrier, the price might rally significantly. The next stop for the bulls are likely to be near $10,600 or $10,800, followed by $11K.
Looking at the chart, bitcoin price is clearly gaining momentum above $9,650 and $9,700. There are high chances of an upside extension and spike above $10K in the coming sessions. If the price is rejected near the $10K level, there could be a major downside correction. If not, the bulls are likely to push the price towards the $10,600 or $10,800 level.
Technical indicators:
Hourly MACD – The MACD is currently placed nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 70 level.
Major Support Levels – $9,700 followed by $9,550.
Major Resistance Levels – $9,800, $9,950 and $10,000.
