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 is gaining bullish momentum above the $9,500 and $9,600 levels against the US Dollar. BTC is likely to continue higher towards $10,000 as long as it is above $9,500.
- Bitcoin is up over 3% and it surpassed the $9,650 resistance zone.
- It traded as high as $9,748 and settled well above the 100 simple moving average (4-hours).
- There is a crucial bullish trend line forming with support near $9,650 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair must stay above the $9,650 support level to continue higher towards $10,000.
Bitcoin is Gaining Traction
This past week, Ethereum price surged more than 10% and it dragged bitcoin above $9,500 against the US Dollar. BTC even climbed above the $9,650 resistance and settled well above the 100 simple moving average (4-hours).
The price traded to a new monthly high at $9,748 and it is currently correcting lower. There was a break below the $9,700 level, plus the 23.6% Fib retracement level of the recent upward move from the $9,525 swing low to $9,748 high.
On the downside, there is a strong support forming near the $9,650 level (the recent breakout zone). There is also a crucial bullish trend line forming with support near $9,650 on the 4-hours chart of the BTC/USD pair.
Bitcoin price breaks $9,650. Source: TradingView.com
The trend line is close to the 50% Fib retracement level of the recent upward move from the $9,525 swing low to $9,748 high. On the upside, the price is facing a couple of strong hurdles near the $9,750 level.
If there is a successful break above the $9,750 and $9,800 resistance levels, the price is likely to continue higher. The next major resistance is near the $10,000 and $10,200 levels. Any further gains could lead the price towards the $10,500 level.
Downside Break in BTC?
If bitcoin fails to stay above the main $9,650 support, it could extend its downside correction. The next major support is near the $9,500 pivot level.
A downside break below the $9,500 support level may perhaps spark a strong decline. In the mentioned case, the price might slide towards the $9,300 support zone.
Technical indicators
4 hours MACD – The MACD for BTC/USD is slowly losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower from the 70 level.
Major Support Level – $9,650
Major Resistance Level – $9,750
Take advantage of the trading opportunities with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose money.