- Bitcoin price is currently gaining traction above the $9,400 and $9,440 resistance levels.
- A new monthly high is formed near $9,567 and the price is now above the 55 simple moving average (4-hours).
- There was a break above two key bearish trend lines near $9,200 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair might correct lower in the short-term, but dips remain well supported near $9,420.
Bitcoin price is trading in a decent uptrend above $9,400 against the US Dollar. BTC could continue to rise as long as it is above the $9,400 support zone.
Bitcoin Price Analysis
In the past few days, bitcoin price followed a bullish path above the $9,000 support against the US Dollar. BTC formed a strong support base above $9,100 and started a steady increase.
It broke the key $9,200 resistance and the 55 simple moving average (4-hours) to move into a bullish zone. Moreover, there was a break above two key bearish trend lines near $9,200 on the 4-hours chart of the BTC/USD pair.
It opened the doors for more upsides above the $9,300 and $9,440 resistance levels. Bitcoin traded to a new monthly high at $9,567 and it is currently consolidating gains.
The price is testing the 23.6% Fib retracement level of the recent rise from the $9,276 low to $9,567 high. If there is a downside break below the $9,490 level, the price could continue to correct lower towards the main $9,440 support.
The previous breakout zone near $9,420 and $9,440 could act as a strong support. Besides, the 50% Fib retracement level of the recent rise from the $9,276 low to $9,567 high is also near the $9,420 level.
If there is a bearish close below the $9,420 support, the price could continue to move down. In the mentioned case, there is a risk of a drop towards the $9,320 support or even towards the 55 simple moving average (4-hours).
Conversely, the price may perhaps continue to rise above the $9,540 and $9,575 levels. The next key resistance is near $9,650, above which the price could rally towards $9,880.
Looking at the chart, bitcoin price is clearly trading in a nice uptrend above $9,420. In the short-term, the price might correct lower in the short-term, but dips remain well supported near $9,420.
Technical indicators
4 hours MACD – The MACD is currently losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now well above the 60 level.
Key Support Levels – $9,440 and $9,420.
Key Resistance Levels – $9,575, $9,650 and $9,800.