Bitcoin

Bitcoin Smashes Heavy Uptrend Resistance as Bulls Take Over Crypto Market

Bitcoin gained around 2% and it broke the $ 9,500 resistance against the US Dollar. BTC is currently consolidating gains and indicators suggest high chances of more upsides above $ 9,600.

  • Bitcoin is up close to 2% and it surpassed the key $ 9,500 resistance level.
  • The price traded to a new monthly high at $ 9,568 and it is above the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $ 9,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower in the short-term, but the bulls are likely to protect $ 9,450 or $ 9,400.

Bitcoin Price Breaks $ 9,500

In the past two days, there was a positive price action in bitcoin above $ 9,200 against the US Dollar. BTC started a steady rise and broke the $ 9,300 and $ 9,500 resistance levels.

The price even spiked above the $ 9,550 resistance and settled well above the 100 hourly simple moving average. It traded to a new monthly high at $ 9,568. Bitcoin is currently consolidating gains above the $ 9,500 level.

An initial support is near the $ 9,500 level since it is close to the 23.6% Fib retracement level of the recent surge from the $ 9,284 swing low to $ 9,568 high. The first major support is near the $ 9,450 level, below which the price might extend its decline.

There is also a major bullish trend line forming with support near $ 9,420 on the hourly chart of the BTC/USD pair. The trend line coincides with the recent breakout zone and the 50% Fib retracement level of the recent surge from the $ 9,284 swing low to $ 9,568 high.

Bitcoin

Bitcoin price smashes $ 9,500: Source: TradingView.com

On the upside, the bulls need to gain strength above the $ 9,550 and $ 9,580 levels. If they succeed, the price is likely to accelerate higher towards $ 9,800 in the near term. Any further gains could lead the price towards the $ 10,000 barrier.

Uptrend Intact in BTC

If bitcoin corrects lower, the bulls are likely to protect $ 9,450 or $ 9,400. A downside break below the trend line support might call for an extended decline towards $ 9,360.

The next major support is near the $ 9,300 level, followed by the 100 hourly simple moving average. Any further losses may perhaps push the price back towards the $ 9,000 support.

Technical indicators:

Hourly MACD – The MACD is currently moving nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 70 level.

Major Support Levels – $ 9,450, followed by $ 9,400.

Major Resistance Levels – $ 9,550, $ 9,580 and $ 9,650.

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Bitcoin – NewsBTC

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