- Bitcoin is forming a robust assist base above the $9,220 assist zone.
- The worth is presently buying and selling above the $9,300 degree and the 100 hourly easy shifting common.
- There was a break above a key bearish pattern line with resistance close to $9,370 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may proceed to grind increased contemplating the present technical formation above $9,300.
Bitcoin Price is Likely To Rise To $9,500
In the previous 2-Three days, bitcoin worth remained steady above the $9,200 and $9,220 assist ranges towards the US Dollar. BTC appears to be forming a robust assist base above the $9,220 assist zone.
The latest swing low was at $9,279 earlier than the worth climbed increased. There was a break above the $9,300 and $9,350 resistance ranges, plus a shut above the 100 hourly easy shifting common.
The bulls even pushed the worth above the 50% Fib retracement degree of the latest decline from the $9,416 excessive to $9,279 low. More importantly, there was a break above a key bearish pattern line with resistance close to $9,370 on the hourly chart of the BTC/USD pair.
BTC closes above 100 hourly SMA: Source: TradingView.com
Bitcoin is now buying and selling properly above the $9,350 degree and the 100 hourly SMA. It is testing the 76.4% Fib retracement degree of the latest decline from the $9,416 excessive to $9,279 low. It looks like it may proceed to rise above the $9,400 resistance and the $9,416 excessive.
In the talked about bullish case, the bulls are prone to purpose a check of the principle $9,500 resistance zone. A profitable shut above the $9,500 resistance is required for a swift rally (as mentioned in yesterday’s weekly evaluation).
Therefore, a robust assist base close to $9,220, the latest pattern line break, and a optimistic worth motion could possibly be the high three causes for a push in direction of $9,500 and $9,800 within the close to time period.
Can BTC Hold $9,200?
On the upside, the $9,400 and $9,500 ranges are vital boundaries for the bulls. If bitcoin fails to proceed increased, it may decline once more beneath $9,300.
The foremost assist is close to the $9,220 and $9,200 ranges, beneath which there’s a danger of a bigger decline within the coming classes.
Hourly MACD – The MACD is slowly shifting into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now properly above the 50 degree.
Major Support Levels – $9,300 adopted by $9,220.
Major Resistance Levels – $9,400, $9,500 and $9,800.