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$9,500: Bitcoin Bulls Aim Big After Recent Surge Above $8,500

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Bitcoin found a strong buying interest above $8,200, resulting in a fresh increase above $8,500. BTC price is currently above $8,600 and the bulls seem to be eyeing a break above $8,800 and $9,000. Bitcoin price is currently rising and showing positive signs above $8,500 against the US Dollar. The bulls seem to be in control above the $8,400 and $8,500 support levels. There was a break above a major bearish trend line with resistance near $8,360 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to accelerate towards $9,200 if it clears the $8,800 resistance area. Bitcoin Price Is Rising Again In yesterday’s weekly analysis using the daily chart, we discussed the importance of the $8,200 and $8,000 support levels for bitcoin. It seems like the $8,200 level played well, resulting in a fresh upward move in BTC price above the $8,400 resistance. A decent support base is formed near the $8,280 level and the price is now trading well above the 100 hourly simple moving average. It surpassed the 50% Fib retracement level of the last major decline from the $8,793 high to $8,214 low. Moreover, there was a break above a major bearish trend line with resistance near $8,360 on the hourly chart of the BTC/USD pair. The pair is now trading nicely above the $8,500 and $8,600 resistance levels. Bitcoin Price An immediate resistance is near the $8,660 level. Besides, the 76.4% Fib retracement level of the last major decline from the $8,793 high to $8,214 low is near the $8,660 area. A successful break above the $8,660 resistance could initiate a solid upward move above the $8,800 resistance area. In the mentioned case, bitcoin is likely to grind higher towards the $9,200 resistance. The last line of defense for the bears may perhaps be near the $9,500 level. BTC Might Present Buying Opportunity If BTC price corrects lower from the $8,660 resistance, it could find support near the $8,600 level. The main support is now near the $8,500 level (the recent breakout zone). Any further losses might lead bitcoin price towards the $8,400 support or the 100 hourly simple moving average. The overall price action is positive and it seems like BTC could continue to rise towards the $8,800 and $9,200 resistance levels in the near term. Technical indicators: Hourly MACD – The MACD is slowly losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower from the 75 level. Major Support Levels – $8,500 followed by $8,400. Major Resistance Levels – $8,660, $8,800 and $9,200. The post appeared first on NewsBTC.

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Aayush Jindal, Khareem Sudlow