Bitcoin price is trading in a steady uptrend above $9,000 and $9,200 against the US Dollar. BTC is likely to climb steadily with a few downward moves.<\/p>\n
This past week, there was a sharp rally in bitcoin above the $7,500 and $8,000 resistances against the US Dollar. BTC even surged above the $9,500 and $10,000 levels before correcting lower.<\/p>\n
Later, the price corrected below the $9,500 support and the $9,000 pivot zone. However, the decline was contained below $9,000 and the price remained well above the 100 hourly simple moving average.<\/p>\n
A low was formed near $8,896 and bitcoin started a fresh increase. It broke the $9,000 and $9,200 resistance levels. Moreover, there was a break above the 50% Fib retracement level of the downward correction from the $10,578 high to $8,896 low.<\/p>\n
However, the price seems to be facing a strong resistance near $9,850 and $9,900. Besides, the 61.8% Fib retracement level of the downward correction from the $10,578 high to $8,896 low prevented any further upsides.<\/p>\n
At the moment, the price is declining and is moving towards the $9,500 support. More importantly, there is a crucial bullish trend line forming with support near $9,500 on the hourly chart of the BTC\/USD pair.<\/p>\n
If there is a downside break below the trend line, the price could extend its downward correction towards the $9,200 level. Any further losses may perhaps push bitcoin price towards the $8,750 support area.<\/p>\n
Conversely, if the price continues to climb higher, it could climb above the $9,850 and $9,900 resistance. The main hurdle is near the $10,000 level, above which the price is likely to climb towards $10,500.<\/p>\n
Bitcoin Price<\/p>\n
Looking at the chart, bitcoin is showing a lot of positive signs above the $9,500 and $9,200 levels. However, there are a few chances of anther downward move towards $9,200 or $9,000 to complete the correction. Once the price completes the current correction, it is likely to surge above $10,000 or even $10,500.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD The MACD is slowly moving into the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) The RSI for BTC\/USD is correcting lower and it might test the 50 level.<\/p>\n
Major Support Levels $9,500 followed by $9,200.<\/p>\n
Major Resistance Levels $9,850, $9,900 and $10,000.<\/p>\n
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Originally posted here:<\/p>\n