Bitcoin (BTC) Price Primed To Rally Significantly Above $10K

  • Bitcoin price gained traction and broke the key $9,400 resistance area against the US Dollar.
  • The price is currently climbing higher and it is likely to break the key $10,000 resistance.
  • There is a major bullish trend line forming with support near $9,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely accelerate gains once it clears the key $10,000 resistance area.

Bitcoin price buys is up more than 5% and it broke the key $9,500 and $9,700 levels against the US Dollar. BTC is likely to accelerate gains above $10,000 and $10,500 in the near term.

Bitcoin Price Analysis(bitcoin price buys)

Yesterday, we discussed the chances of more gains above $9,400 in bitcoin price against the US Dollar. The BTC/USD pair did gain momentum and broke the $9,400 and $9,500 resistance levels. It even cleared the key $9,700 resistance and settled well above the 100 hourly simple moving average. A new 2019 high was formed above $9,800 near $9,814.

At the moment, the price is consolidating gains above the $9,700 level. An immediate support is near the $9,700 level. The 23.6% Fib retracement level of the recent move from the $9,295 low to $9,814 high is also near $9,700. The current price action is positive and suggests more gains above the $9,800 and $9,850 levels.

If there is a downside extension, the price could test the $9,550 support. It represents the 50% Fib retracement level of the recent move from the $9,295 low to $9,814 high. Moreover, there is a major bullish trend line forming with support near $9,480 on the hourly chart of the BTC/USD pair. As long as the pair is above the trend line support, it could climb further higher towards $10,000. The 61.8% Fib retracement level of the recent move from the $9,295 low to $9,814 high is also near the $9,490 level.

Bitcoin Price Analysis BTC Chart

If there is a successful close above $10K barrier, the price might rally significantly. The next stop for the bulls are likely to be near $10,600 or $10,800, followed by $11K.

Looking at the chart, bitcoin price is clearly gaining momentum above $9,650 and $9,700. There are high chances of an upside extension and spike above $10K in the coming sessions. If the price is rejected near the $10K level, there could be a major downside correction. If not, the bulls are likely to push the price towards the $10,600 or $10,800 level.

Technical indicators:

Hourly MACD – The MACD is currently placed nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 70 level.

Major Support Levels – $9,700 followed by $9,550.

Major Resistance Levels – $9,800, $9,950 and $10,000.

Disclosure: Opportunistic fraudsters are taking advantage of this market, offering investments in cryptocurrencies and doing everything they can to defraud unsuspecting victims, Anyone who invests in cryptocurrencies should thoroughly research the company they are choosing to invest with to avoid scams.

Click on the link to invest and start earning today: The Most Trusted Crypto Company

Please kindly share on all Social Media Platforms. Thanks

Categories: BitcoinCrypto

Leave a Reply

Your email address will not be published. Required fields are marked *