Bitcoin is recovering and showing positive signs above the $9,700 level against the US Dollar. BTC price is likely to accelerate higher above $10,000 as long as it is above the 100 hourly SMA. Bitcoin is correcting higher and it recently cleared the $9,740 resistance zone. The price even broke the $9,800 level and it traded as high as $9,884. There is a bullish continuation pattern forming with resistance near $9,850 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could surge above $9,880 and $9,950 as long as it is above the $9,680 support. Bitcoin Price Could Rally Again After forming a decent support base above $9,400, bitcoin price started a fresh increase against the US Dollar. BTC broke traded above the $9,600 and $9,740 resistance levels to move into a positive zone. It even settled above the $9,700 level and the 100 hourly simple moving average. Moreover, there was a break above a key bearish trend line at $9,690 on the hourly chart of the BTC/USD pair. Bitcoin Price It opened the doors for more gains and the price traded as high as $9,884. Bitcoin is currently consolidating gains and trading near the $9,800 level. It tested the 23.6% Fib retracement level of the recent wave from the $9,469 low to $9,884 high. There is also a bullish continuation pattern forming with resistance near $9,850 on the same chart. If there is an upside break above the triangle resistance, the price could accelerate above the $9,900 and $9,950 levels. The first major resistance is near the $10,000 level, above which there are chances of more upsides towards the $10,400 and $10,500 resistance levels in the near term. Fresh Decline in BTC? On the downside, the first key support is near the triangle trend line at $9,780. If bitcoin price fails to break higher, it could correct lower below $9,780. The next major support is seen near the $9,680 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent wave from the $9,469 low to $9,884 high is also near $9,677. Any further losses may perhaps negate the current bullish view and the price could dive towards the $9,400 support zone. Technical indicators: Hourly MACD – The MACD is struggling to gain bullish momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now moving nicely above the 50 level. Major Support Levels – $9,780 followed by $9,680. Major Resistance Levels – $9,880, $9,950 and $10,000.
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