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

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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.

Bitcoin Price Analysis (BTC to USD) Chart

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.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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