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

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).

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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Bitcoin – NewsBTC

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