HomeBitcoin NewsBitcoin Price Analysis: BTC Primed To Rally Past $9,200

Bitcoin Price Analysis: BTC Primed To Rally Past $9,200

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  • Bitcoin price is currently consolidating gains above the $8,520 pivot level against the US Dollar.
  • It is currently facing a major resistance near the $9,100 and $9,200 levels.
  • There is a major contracting triangle forming with resistance near $9,110 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could start a strong rally if there is a clear break above $9,100 and $9,200.

Bitcoin price is showing bullish signs above $8,800 and $8,520 against the US Dollar. BTC is likely to accelerate higher once it clears the $9,200 resistance.

Bitcoin Price Analysis

After a strong rally, bitcoin price started a downside correction from the $9,400 swing high against the US Dollar. BTC corrected lower below $9,200 and $9,000, but it remained stable in a positive zone.

The price remained well bid above the $8,400 support and the 55 simple moving average (4-hours). The last swing low was formed near $8,548 and the price is currently consolidating gains above the $8,520 pivot level.

The recent swing high was at $9,128 and the price is currently trading just above $9,000. An initial support is near the $8,840 level. It is close to the 50% Fib retracement level of the recent move from the $8,548 swing low to $9,128 high.

Moreover, there is a major contracting triangle forming with resistance near $9,110 on the 4-hours chart of the BTC/USD pair. If the pair breaks the triangle resistance, it could attempt an upside break above the $9,200 resistance zone.

If the bulls succeed in clearing the $9,200 resistance, it could continue to rise above the $9,400 and $9,500 resistance levels. The next major hurdle above the $9,500 level is at $9,880 and $10,000.

Conversely, the first major support on the downside is near the $8,680 level. It coincides with the 76.4% Fib retracement level of the recent move from the $8,548 swing low to $9,128 high.

If there is a downside break below the triangle support, there is a risk of a bearish break below the $8,500 and $8,400 support levels in the near term.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly trading in a bullish zone above the $8,680 and $8,500 levels. As long as there is no close below $8,500, the price is likely to rise further above the $9,200 level.

Technical indicators

4 hours MACD – The MACD is now gaining pace in the bullish zone.

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

Key Support Levels – $8,680 and $9,200.

Key Resistance Levels – $9,100, $9,200 and $9,500.

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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