Bitcoin Price (BTC) Likely Eyeing Next Bullish Break
Bitcoin price is holding a few key supports such as $9,140 and $8,950. BTC to USD might start a strong upward move if it clears the $9,350 resistance area.
Key Takeaways: BTC/USD
- Bitcoin price is showing a few positive signs above the $9,140 support area against the US Dollar.
- BTC/USD is facing hurdles near $9,300 and trading inside a breakout pattern on the 2-hours chart (data feed from Bitstamp).
- Ethereum, ripple, and bitcoin cash are slowly recovering and holding key supports.
Bitcoin Price Analysis
In the past three sessions, bitcoin price remained stable above the $9,080 and $9,120 support levels. The last swing low was formed near $9,069 before the price started an upward move.
Looking at the 2-hours chart, bitcoin recovered above the $9,150 resistance and the 50 simple moving average (2-hours, purple). Moreover, there was a break above the 50% Fib retracement level of the last decline from $9,380 to $9,069.
The recent rise was such that the price even spiked above the $9,280 resistance area. However, the upward move was capped by the $9,300-9,310 resistance area. More importantly, the 76.4% Fib retracement level of the last decline from $9,380 to $9,069 acted as a resistance.
At the outset, bitcoin is facing hurdles near $9,300 and trading inside a breakout pattern on the same chart. If there is an upside break above the $9,300 resistance, the price could continue to rise towards the $9,450 and $9,580 resistance levels.
The stated $9,450 resistance represents the 1.236 Fib extension level of the last decline from $9,380 to $9,069. On the downside, there are many supports, starting with $9,140 and the triangle lower trend line.
The main supports are near $9,080 and $9,000, below which the price could test $8,950. Any further losses might start another decline and the price may perhaps decline towards the $8,600 area.
Overall, bitcoin price is facing a couple of breakout resistances near the $9,300 area. A successful close above $9,300 and $9,350 is likely to open the doors for a fresh increase in the coming sessions. If not, the price might retest the $8,950 support.