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Bitcoin Breaks Key Hurdle: Here’s Why It Could Revisit $10,000
Bitcoin is up more than 4% and it broke the key $9,500 resistance zone against the US Dollar. BTC price is currently correcting lower, but dips remain supported near $9,350.Bitcoin gained traction above the $9,300 and $9,500 resistance levels.The price traded as high as $9,624 and it is currently correcting lower.There is a major ascending channel forming with support near $9,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair could correct further, but dips are likely to remain supported near $9,350 and $9,300.Bitcoin Price Turns GreenYesterday, we discussed the Bitcoin PriceThe channel support is close to the 50% Fib retracement level of the recent rally from the $9,108 low to $9,624 high. The main support is now near the $9,300 level (the recent breakout zone).If the price breaks the channel support, the bulls are likely to defend the main $9,300 support. Any further losses may perhaps lead the price towards the $9,200 and $9,100 support levels in the near term.More Gains in BTC?As long as bitcoin is above the $9,300 support zone, it is likely to continue higher. An initial resistance is near the $9,600 and $9,650 levels.The first major resistance on the upside is near the $9,800 level. If the bulls clear the $9,800 resistance, the price could continue to rise towards the $9,950 and $10,000 resistance levels in the coming sessions. Any further gains might lead the price towards $10,200.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.
Author: Aayush Jindal
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