Bitcoin extended its rise above the $9,600 resistance level against the US Dollar. BTC is currently correcting gains, but it is likely to continue higher as long as it is above $9,500.
Bitcoin Price Settles Above $9,500After a successful break above $9,500, bitcoin extended its rally above the $9,600 level against the US Dollar. BTC even broke the $9,650 level and settled well above the 100 hourly simple moving average. It traded to a new monthly high at $9,676 and it is currently correcting lower. There was a break below the $9,600 level, plus the 23.6% Fib retracement level of the recent upward move from the $9,465 swing low to $9,676 high. The price is now approaching the $9,550 support zone (the recent breakout area). It is close to the 50% Fib retracement level of the recent upward move from the $9,465 swing low to $9,676 high. More importantly, there is a crucial bullish trend line forming with support near $9,510 on the hourly chart of the BTC/USD pair. Bitcoin price settles above $9,500: Source: TradingView.com As long as the price is above the trend line support, the price could resume its upside above the $9,600 level. An initial hurdle is near the $9,650 level, above which the price might climb towards $9,800. The main target for the bulls in the coming sessions may probably be $10,000. Dips Likely Supported in BTCIf bitcoin corrects lower, the trend line support and $9,500 might play a major role. If there is a break below the trend line support, the price could continue to move down towards the $9,420 support area. Any further losses may perhaps open the doors for a test of the $9,350 level or the 100 hourly simple moving average. The next major support is near the $9,300 level. Technical indicators: Hourly MACD – The MACD is slowly moving in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower towards the 50 level. Major Support Levels – $9,500, followed by $9,420. Major Resistance Levels – $9,650, $9,800 and $10,000. Via https://www.newsbtc.com/2020/07/24/bitcoin-surge-to-10k-possible/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-surge-to-10k-possible |
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