Bitcoin is trading very well above the support levels of $ 9,200 and $ 9,000 against the U.S. dollar. The BTC is up and could gain bullish if there is a clear break above $ 9,550.
- Bitcoin is trading in a positive zone above the support levels of $ 9,400 and $ 9,200.
- An immediate obstacle is located near the $ 9,550 zone, above which he could revise $ 10,000.
- A key bullish trend line is forming with support close to $ 9,400 on the 4-hour chart of the BTC / USD pair (data from Kraken).
- The pair could rise above $ 9,550 or begin a major correction towards the $ 9,000 level.
Support for the uptrend of Bitcoin Holding
Last week, bitcoin continued to rise above the resistance zone of $ 9,800 against the US dollar. The price of BTC traded near the $ 10,000 resistance and settled well above the simple moving average of 100 (4 hours).
However, the bulls failed to earn more than $ 9,950 and $ 10,000. A high swing formed near $ 9,950 and the price started a downward correction. It traded below the support levels of $ 9,800 and $ 9,550.
The decline was such that the price traded below the Fibonacci retracement level of 23.6% of the rise, going from the lowest of $ 7,954 to the highest of $ 9,950. Bitcoin even went below the $ 9,400 support zone, but the $ 9,200 zone acted as solid support.
It appears that the $ 9,200 zone and the simple moving average of 100 (4 hours) protected more losses. A key uptrend line is also forming with support close to $ 9,400 in 4 hours graphic of the BTC / USD pair.
The pair is currently rising and is trading above the $ 9,400 level. You are testing the resistance levels of $ 9,550 and $ 9,600. A successful break above the $ 9,600 level could open the doors to yet another push.
The next key resistance is near the $ 9,800 level, above which the price is expected to return to resistance levels of $ 9,950 and $ 10,000. Any additional gain could set the tone for a push towards $ 10,500.
No more losses
If Bitcoin does not stay above trend line support, it could even fall below $ 9,200 and the simple moving average of 100 (4 hours) in the next sessions.
The next major support is close to the level of $ 9,000 or the retracement level of 50% of the fiber of the upward movement, from the lowest of $ 7,954 to the highest of $ 9,950 to $ 8,952. Any further loss could push the price toward the $ 8,200 support.
Technical indicators
MACD 4 hours: The MACD for BTC / USD is about to move into the bullish zone.
4 hour RSI (Relative Strength Index): The RSI for BTC / USD is currently well above the 50 level.
Major support level – $ 9,200
Major resistance level – $ 10,000
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