Bitcoin price is trading above key supports near $9,000 and $9,200 against the US Dollar. BTC must stay above $8,600 to remain in uptrend and start a fresh increase.<\/p>\n
This past week, there was a slow and steady decline in bitcoin below the $8,400 support against the US Dollar. Moreover, BTC price also traded below the $8,200 support area. Finally, it spiked below the $8,000 support, but remained well above the 100 simple moving average (4-hours).<\/p>\n
A swing low was formed near $8,960 and the price recently started an upward move. There was a break above the $8,100 and $8,200 resistance levels to start a decent increase.<\/p>\n
More importantly, there was a break above a key contracting triangle with resistance near $9,240 on the 4-hours chart of the BTC\/USD pair. At the moment, the price is trading near the 23.6% Fib retracement level of the downward move from the $10,584 high to $8,960 low.<\/p>\n
If there are more gains, the price could continue to rise towards the $9,500 and $9,600 resistance levels. Besides, the main resistance is near the $9,770 level. It represents the 50% Fib retracement level of the downward move from the $10,584 high to $8,960 low.<\/p>\n
On the downside, there are many supports between $9,200 and $8,960. If there is a bearish break below the $8,960 swing low, there are chances of a sharp decline. The next key support is near $8,600 and the 100 simple moving average (4-hours).<\/p>\n
Therefore, the $8,500 and $8,600 support levels are likely to play an important role. As long as the price is above the $8,500 support, there are chances of a fresh increase above the $9,500 level.<\/p>\n
Bitcoin Price<\/p>\n
Looking at the chart, bitcoin price is clearly showing signs of bullish continuation above $9,500. Having said that, a clear break above the $9,500 and $9,770 resistance levels is needed for uptrend acceleration. In the mentioned case, the price is likely to revisit $10,580.<\/p>\n
4 hours MACD The MACD for BTC\/USD is slowly gaining pace in the bullish zone.<\/p>\n
4 hours RSI (Relative Strength Index) The RSI for BTC\/USD is now moving well above the 50 level.<\/p>\n
Major Support Level $8,960<\/p>\n
Major Resistance Level $9,500<\/p>\n
<\/p>\n
Read more: <\/p>\n