THELOGICALINDIAN - Bitcoin is trading accurately aloft the 9300 and 9220 abutment levels adjoin the US Dollar BTC is acceptable to abide college appear 9500 and 9800 as continued as it is aloft 9220
Bitcoin Price is Likely To Rise To $9,500
In the accomplished 2-3 days, bitcoin amount remained abiding aloft the $9,200 and $9,220 abutment levels adjoin the US Dollar. BTC seems to be basic a able abutment abject aloft the $9,220 abutment zone.
The contempo beat low was at $9,279 afore the amount climbed higher. There was a breach aloft the $9,300 and $9,350 attrition levels, additional a close aloft the 100 alternate simple affective average.
The beasts alike pushed the amount aloft the 50% Fib retracement akin of the contempo abatement from the $9,416 aerial to $9,279 low. More importantly, there was a breach aloft a key bearish trend band with attrition abreast $9,370 on the alternate blueprint of the BTC/USD pair.
Bitcoin is now trading accurately aloft the $9,350 akin and the 100 alternate SMA. It is testing the 76.4% Fib retracement akin of the contempo abatement from the $9,416 aerial to $9,279 low. It seems like it could abide to acceleration aloft the $9,400 attrition and the $9,416 high.
In the mentioned bullish case, the beasts are acceptable to aim a analysis of the capital $9,500 attrition zone. A acknowledged abutting aloft the $9,500 attrition is bare for a abrupt assemblage (as discussed in yesterday’s weekly analysis).
Therefore, a able abutment abject abreast $9,220, the contempo trend band break, and a absolute amount activity could be the top three reasons for a advance appear $9,500 and $9,800 in the abreast term.
Can BTC Hold $9,200?
On the upside, the $9,400 and $9,500 levels are important barriers for the bulls. If bitcoin fails to abide higher, it could abatement afresh beneath $9,300.
The capital abutment is abreast the $9,220 and $9,200 levels, beneath which there is a accident of a beyond abatement in the advancing sessions.
Technical indicators:
Hourly MACD – The MACD is boring affective into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied aloft the 50 level.
Major Support Levels – $9,300 followed by $9,220.
Major Resistance Levels – $9,400, $9,500 and $9,800.
