- Bitcoin price is rising steadily above $9,200 and the 55 simple moving average (4-hours).
- It is currently facing a heavy resistance area near the $9,350 level.
- There was a break above a major bearish trend line with resistance near $9,090 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair must settle above the $9,350 resistance level to start a sustained upward move.
Bitcoin price is trading in a bullish zone above $9,150 against the US Dollar. BTC must gain bullish momentum above $9,350 for a push towards the $9,580 resistance or $9,720.
Bitcoin Price Analysis
Recently, bitcoin price formed a support base near $8,900 and started a fresh increase against the US Dollar. BTC gained bullish momentum above the $9,100 level and the 55 simple moving average (4-hours).
Moreover, there was a break above a major bearish trend line with resistance near $9,090 on the 4-hours chart of the BTC/USD pair. It opened the doors for more gains above $9,200 and $9,300.
The pair surpassed the $9,320 level, but it seems to be struggling near the $9,350 and $9,380 levels (a multi-touch zone). A high is formed near $9,381 and the price is currently consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $8,909 low to $9,381 high.
On the downside, there are many supports near the $9,150 level and the 55 simple moving average (4-hours). The 50% Fib retracement level of the upward move from the $8,909 low to $9,381 high is also likely to act as a strong support near the $9,145 level.
If bitcoin fails to stay above the $9,145 level, there is a risk of a fresh decline towards the $9,000 and $8,900 levels in the near term.
Conversely, the price could break the $9,350 and $9,380 resistance levels. A successful close and follow through above $9,350 may perhaps open the doors for a larger upward move towards the $9,500 and $9,580 levels.
Looking at the chart, bitcoin price is now trading in a bullish zone above $9,150 and and the 55 simple moving average (4-hours). However, it must settle above the $9,350 resistance level to start a sustained upward move.
Technical indicators
4 hours MACD – The MACD is currently losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is currently well above the 50 level.
Key Support Levels – $9,200 and $9,145.
Key Resistance Levels – $9,350, $9,380 and $9,580.