Bitcoin price corrected lower recently and tested the $9,000 support area. BTC is currently climbing again and it seems like the bulls are preparing for an upside break above $9,400 and $9,500.
- There were positive moves in in bitcoin above the $9,150 support area.
- There is a major bullish trend line forming with support near $9,220 on the 30-minute chart.
- BTC price is likely to surge above $9,500 if it successfully clears the $9,400 resistance.
Bitcoin Price Analysis (BTC to USD)
After a much needed downside correction, bitcoin price started a fresh increase above the $9,050 and $9,100 levels. BTC price is currently up more than 1.5% and it is likely to lift major altcoins such as Ethereum, ripple, bitcoin cash, stellar, cardano, tron, BNB and EOS.
Click to Enlarge Chart
Looking at the 30-minute chart of BTC/USD, the pair formed a swing low at $9,066 recently and traded above the $9,150 resistance. Moreover, there was a break above the $9,200 resistance zone.
The price is now trading well above the $9,280 level and the 25 simple moving average (30-minute). It recently tested the $9,390-9,400 resistance area and is currently correcting lower.
An initial support is near the $9,310 level plus the 23.6% Fib retracement level of the last wave form the $9,066 low to $9,386 swing high. If there are more losses, bitcoin price is likely to revisit the key $9,225 support area.
The 25 simple moving average (30-minute) and the 50% Fib retracement level of the last wave form the $9,066 low to $9,386 swing high are also near the $9,225 level to provide support.
Moreover, there is a major bullish trend line forming with support near $9,220 on the same chart. Therefore, BTC price is likely to remain well supported on the downside near $9,225, $9,220 and $9,200.
On the upside, the main hurdle for the bulls is near the $9,400 level. If bitcoin rallies above the $9,400 barrier, there are high chances of it climbing further above $9,450 and $9,500. Only a close below the $9,200 support could negate today’s chances of more gains above $9,500.
The market data is provided by TradingView, Bitfinex.