Bitcoin (BTC) Price Consolidating Gains, Bulls Eyeing Fresh Increase
- Bitcoin price is currently consolidating above the key $9,000 support area against the US Dollar.
- The price is struggling to gain bullish momentum above the $9,600 and $9,720 resistance levels.
- There is a connecting bearish trend line forming with resistance near $9,560 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price must climb above $9,600 and gain pace above $9,720 to continue higher in the near term.
Bitcoin price is likely setting up for the next major break against the US Dollar. BTC remains well supported above $9,000 and it could climb higher towards $10,000.
Bitcoin Price Analysis
Recently, bitcoin price climbed towards the $10,000 resistance area against the US Dollar. However, BTC failed to continue higher and formed a high near the $9,935 level.
Later, there was a fresh decline below the $9,600 and $9,500 support levels. The price traded close to the $9,100 support area and remained well bid above the 100 hourly simple moving average. The recent low was near $9,194 and the price is currently climbing steadily.
There was a break above the 23.6% Fib retracement level of the recent decline from the $9,935 high to $9,194 swing low. At the outset, bitcoin is testing the $9,500 and $9,550 resistance levels. Additionally, there is a connecting bearish trend line forming with resistance near $9,560 on the hourly chart of the BTC/USD pair.
More importantly, the 50% Fib retracement level of the recent decline from the $9,935 high to $9,194 swing low is acting as a hurdle for the bulls. Therefore, an upside break above the $9,550 and $9,600 levels is needed for a fresh increase.
The next major resistance is near the $9,720 level, above which the price could rise steadily towards the $10,000 resistance area. If the price accelerates above $10,000, it could revisit the $10,500 zone.
Conversely, if the price fails to break the $9,550 and $9,600 resistance levels, there could be another downward move. An immediate support is near the $9,200 area. Having said that, the main support is near the $9,000 level and the 100 hourly SMA.
Bitcoin Price
Looking at the chart, bitcoin seems to be consolidating nicely above the $9,000 and $9,200 levels. As long as there is no close below the 100 hourly SMA, there are chances of a fresh increase towards the $10,000 and $10,200 levels in the coming sessions.
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 moving higher and it is currently near the 50 level.
Major Support Levels – $9,200 followed by $9,000.
Major Resistance Levels – $9,550, $9,600 and $9,720.
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Aayush Jindal, Khareem Sudlow
