Bitcoin is trading with a positive bias above the $9,400 support zone.
The price could struggle to clear the $9,600 and $9,750 resistance levels in the short term.
There was a break above a key contracting triangle with resistance near $9,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a strong increase if it clears the $9,600 and $9,750 resistance levels.
Bitcoin Price Could Rise Further
After a successful close above the $9,300 level, bitcoin price extended its rise above the $9,400 resistance against the US Dollar. BTC price even settled above the $9,500 level and the 100 hourly simple moving average.
It traded as high as $9,745 and recently started a downside correction. It traded below the $9,600 and $9,500 levels. However, the previous key resistance near $9,400 and the 100 hourly simple moving average acted as major supports.
A low is formed near $9,381 and bitcoin is currently rising. There was a break above the 23.6% Fib retracement level of the key decline from the $9,745 high to $9,381 low.
Moreover, there was a break above a key contracting triangle with resistance near $9,500 on the hourly chart of the BTC/USD pair. The pair is now testing the 50% Fib retracement level of the key decline from the $9,745 high to $9,381 low.
Bitcoin Price
On the upside, the first major resistance is near the $9,600 level. The next major hurdle is near the $9,750 level, above which the bulls are likely to aim a larger rally towards $10,000 or $10,500 in the near term.
Dips Supported in BTC
If bitcoin fails to continue higher above $9,600 or $9,700, there could be a downside correction. An initial support is near the $9,450 level or the 100 hourly simple moving average.
The main support is still near the $9,400 level, below which the price could extend its decline towards the .
Technical indicators:
Hourly MACD – The MACD is slowly reducing its current bullish slope.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 60 level.
Major Support Levels – $9,350 followed by $9,300.
Major Resistance Levels – $9,650, $9,800 and $10,000.