Bitcoin Just Saw A Key Technical Breakout: Big Reaction From Bulls Likely

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Bitcoin started a steady increase and broke the $9,300 resistance against the US Dollar. BTC is currently up close to 3% and it might continue to rise towards the $9,500 resistance.

  • Bitcoin is gaining momentum and it recently broke the $9,300 resistance zone.
  • The price traded to a new weekly high at $9,372 and settled above the 100 hourly simple moving average.
  • There is a short-term ascending channel forming with support near $9,290 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains supported on dips and it could continue to rise towards the $9,500 resistance.

Bitcoin Price Turns Green

Yesterday, we saw a lot of positive signs above $9,100 for bitcoin against the US Dollar. BTC started a steady rise and it surpassed the main $9,250 and $9,300 resistance levels to move into a positive zone.

It even spiked above the $9,300 level and settled above the 100 hourly simple moving average. A new weekly high is formed near $9,372 and the price is currently correcting lower. It declined below the 23.6% Fib retracement level of the recent rise from the $9,178 low to $9,372 high.

It seems like there is a short-term ascending channel forming with support near $9,290 on the hourly chart of the BTC/USD pair. The pair is currently approaching the channel support at $9,290.

Bitcoin price breaks $9,300: Source: TradingView.com

The next major support is near the $9,275 level. It is close to the 50% Fib retracement level of the recent rise from the $9,178 low to $9,372 high. On the upside, the $9,350 and $9,375 levels are short-term hurdles.

If the price gains pace above the $9,375 resistance, it could continue to rise towards the next crucial hurdle near the $9,500 level. Any further gains could open the doors for a larger wave towards the $9,800 level in the coming sessions.

Key Supports in BTC

If bitcoin starts a major downside correction below $9,290 or $9,275, it could find support near the $9,245 level (the recent breakout zone).

The next crucial support is seen near the $9,180 level, below which the price is likely to move back into a bearish zone in the near term. In the mentioned case, it may perhaps revisit the $9,000 level.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now correcting lower towards the 50 level.

Major Support Levels – $9,275, followed by $9,180.

Major Resistance Levels – $9,350, $9,375 and $9,500.

Via: https://www.newsbtc.com

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