Bitcoin is up more than 3%, and it broke the key $9,500 resistance against the US Dollar. BTC is currently trading in a positive zone, and it could continue to rise towards $10,000.
- Bitcoin is up over $300, and it broke a few significant hurdles near $9,500.
- The price traded close to the $9,800 resistance zone, and it settled above the 100 hourly simple moving average.
- There is a crucial bullish trend line forming with support near $9,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct in the short-term, but dips remain supported for a push towards $10,000.
Bitcoin Price Gains Bullish Momentum
Yesterday, we discussed 3 key reasons why bitcoin price could surge above $9,500 against the US Dollar. BTC did gain bullish momentum and it broke many hurdles near $9,400 and $9,500 to move into a positive zone.
There was a close above the $9,500 resistance and the 100 hourly simple moving average. The price traded to a new weekly high at $9,779 and recently started a downside correction.
It traded below the $9,700 and $9,680 levels. Besides, there was a break below the 23.6% Fib retracement level of the recent wave from the $9,282 low to $9,779 high. Bitcoin price tested the $9,600 region, where it found a strong buying interest.
Bitcoin Price Breaks $9,500: Source: TradingView.com
More importantly, there is a crucial bullish trend line forming with support near $9,600 on the hourly chart of the BTC/USD pair. If the price breaks the trend line support, it could test the $9,530 level or the 50% Fib retracement level of the recent wave from the $9,282 low to $9,779 high.
On the upside, an initial resistance is near the $9,700 level. The main resistance is now near the $9,800 level, above which the price is likely to test the $9,950 and $10,000 resistance levels in the near term.
Dips Supported in BTC
On the downside, there are many supports forming, starting at $9,600. The key uptrend support is now near the $9,500 level (the recent breakout zone).
If bitcoin declines below the $9,500 support, it could continue to move down towards the $9,350 level or the 100 hourly simple moving average in the coming sessions. Any further losses could lead it towards the $9,282 swing low.
Technical indicators:
Hourly MACD – The MACD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now correcting lower from well above the 70 level.
Major Support Levels – $9,600, followed by $9,500.
Major Resistance Levels – $9,700, $9,800 and $10,000.