Bitcoin rose by more than 4% and broke through the important resistance zone of $9,500 against the US dollar. The BTC price is currently correcting downward, but breaches remain supported near $9,350.
- Bitcoin gained traction above the resistance levels of $9,300 and $9,500.
- The price has been trading as high as $9,624 and is currently correcting downwards.
- A significant upward channel is forming on the hourly chart of the BTC/USD pair with support near $9,350 (data feed from octopus).
- The pair may continue to correct, but bearishness will likely remain supported near $9,350 and $9,300.
Bitcoin price turns green
Yesterday we discussed the chances of a sharp rise in the price of Bitcoin if it overcomes the resistance of $ 9,300 against the US dollar. The BTC price broke through the $9,300 resistance and even rose above the $9,500 mark.
The rally was strong as the price climbed above the $9,600 mark and settled above the simple 100 hour moving average. The price traded as high as $9,624 and is currently correcting down.
It tests the 23.6% Fib retracement level of the recent rally from $9,108 low to $9,624 high. On the downside, there is much support near the $9,400 and $9,350 levels, and a significant upward channel is forming on the hourly chart of the BTC/USD with support near the $9,350 level.
Channel support is close to the 50% Fib retracement level of the recent rally from $9,108 low to $9,624 high. The main support is now near the $9,300 level (the recent breakout zone).
If the price breaks through the channel support, the bulls will probably defend the main support of $9,300. Further losses could possibly lead the price towards the $9,200 and $9,100 support levels in the near future.
More profits in the BTC?
As long as Bitcoin remains above the $9,300 support zone, it is likely to continue to rise. An initial resistance is near the $9,600 and $9,650 levels.
The first major resistance to the upside is near the $9,800 an ounce mark, and if the bulls break through the $9,800 an ounce resistance, the price could continue to rise towards the $9,950 and $10,000 resistance levels in the coming sessions. Further gains could take the price towards $10,200.
Hourly MACD – The MACD is slowly decreasing its current upward trend.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 60 level.
Main support levels – $9,350 followed by $9,300.
Main resistance levels – $9,650, $9,800 and $10,000.