HomeBitcoin NewsBitcoin Price Analysis: BTC Rally Gathering Momentum Above $9K

Bitcoin Price Analysis: BTC Rally Gathering Momentum Above $9K

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  • Bitcoin price is showing a lot of positive signs above the $9,000 level against the US Dollar.
  • The price surged recently and traded to a near yearly high at $9,437.
  • There was a break above a short term bullish flag with resistance near $9,070 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could correct a few points, but it remains supported near $9,160 and $9,000.

Bitcoin price is up more than 10% in the past few days against the US Dollar. BTC settled above $9,000 and it is likely to continue higher in the coming days.

Bitcoin Price Analysis

In the past few days, bitcoin price gained bullish momentum above the $8,500 and $8,800 resistance levels against the US Dollar. BTC even settled above the $9,000 level and the 55 simple moving average (4-hours).

During the rise, there was a break above a short term bullish flag with resistance near $9,070 on the 4-hours chart of the BTC/USD pair. The price broke the $9,200 level and traded to a new yearly high at $9,437.

It is currently consolidating gains and trading near the $9,300 support. Besides, the 23.6% Fib retracement level of the recent wave from the $8,888 low to $9,437 high is near the $9,308 level.

If bitcoin price slides below the $9,300 support, it could correct lower towards the $9,160 support level. It coincides with the 50% Fib retracement level of the recent wave from the $8,888 low to $9,437 high.

Any further losses may perhaps lead the price towards the $9,000 pivot level. The stated $9,000 level holds the key, below which there is a risk of a larger decline in the near term. The next key support is near the $8,650 area and the 55 simple moving average (4-hours).

On the upside, an initial resistance is near the $9,440 and $9,500 levels. If the bulls push the price above the $9,500 barrier, there could be a nasty upward move. In the mentioned case, the bulls are likely to aim a test of the key $10,000 resistance zone.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly trading with a positive bias above the $9,300 and $9,160 support levels. Unless there is a break below the $9,000 support, the bulls might attempt more gains in the coming days.

Technical indicators

4 hours MACD – The MACD is currently well in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is currently in the overbought zone, with no sign of a downside correction.

Key Support Levels – $9,160 and $9,000.

Key Resistance Levels – $9,440, $9,500 and $10,000.

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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