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Bitcoin Price Analysis: BTC Primed For More Gains Above $10,500

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  • Bitcoin price corrected lower and tested the $9,500 support area against the US Dollar.
  • The price is back in a positive zone and it recently rallied above the $10,000 resistance.
  • There was a break above a major bearish trend line with resistance near $10,040 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is likely to continue higher towards $10,500 and $11,000 in the near term.

Bitcoin price is back in a positive zone above $10,000 against the US Dollar. BTC is likely to accelerate its rise above the $10,500 resistance area in the near term.

Bitcoin Price Analysis

This past week, there was a downside correction in bitcoin price below the $9,800 support level against the US Dollar. BTC even broke the $9,650 support level and settled below the 55 simple moving average (4-hours).

However, the $9,500 support area acted as a strong buy zone. A swing low was formed near $9,460 and the price recently started a strong rise. It surpassed the $9,700 and $9,800 levels.

Besides, there was a break above the 50% Fib retracement level of the last main decline from the $10,526 high to $9,460 low. More importantly, there was a break above a major bearish trend line with resistance near $10,040 on the 4-hours chart of the BTC/USD pair.

Bitcoin price is now trading above the $10,000 level and the 55 simple moving average (4-hours). It tested the $10,250 and $10,280 resistance levels.

It seems like the 76.4% Fib retracement level of the last main decline from the $10,526 high to $9,460 low is acting as a resistance. The price is currently declining, but it remains well supported near $10,050 and $10,000.

The 55 simple moving average (4-hours) is also near the broken trend line and $10,000 to provide support. Any further losses could push the price towards the $9,800 support area.

On the upside, an initial hurdle is near the $10,250 and $10,280 levels. A successful break above the $10,280 level could open the doors for more gains in the coming sessions. The next target could be $10,500 or $10,800.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is back in a positive zone above the $10,000 level. As long as the price is above the 55 SMA, it remains well supported for more gains above the $10,280 level.

Technical indicators

4 hours MACD – The MACD is moving nicely in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now well above the 50 level.

Key Support Levels – $10,050 and $10,050.

Key Resistance Levels – $10,250, $10,280 and $10,500.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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