BTC Could Correct A Few Points but It Is Likely To Begin a F...
Bitcoin, News

BTC Could Correct A Few Points but It Is Likely To Begin a Fresh Increase Soon

The bitcoin price is eyeing an upside break in near term. After settling above the $9,000 level, the BTC/USD pair started a slow and steady rise. Moreover, the price surpassed the $9,200 resistance level and it is currently trading well above the 100 hourly simple moving average (SMA).

The recent uptrend led the price to gain traction after it broke the $9,220 resistance and a connecting bearish trend line on the BTC/USD hourly chart. It paved way for more gains and the price climbed towards the $9,300 resistance.

A recent high is formed close to $9,301 and the price is currently making a downside correction. It tested the 23.6% Fib retracement level of the recent rise from the $9,061 low to $9,301 high. The hourly MACD for the pair is slowly moving back into the bearish zone. Its hourly RSI (Relative Strength Index) is also currently near the 60 level.

The main resistance on the upside is still close to the $9,300 level. A successful break and close above $9,300 may perhaps pave way for more gains in the coming sessions. The next key resistance is close to the $9,500 and $9,550 levels.

On the other hand, there are many supports forming on the downside near $9,180 and $9,160. There is also a significant bullish trend line forming on the same chart, with support at $9,180. The trend line is near the 50% Fib retracement level of the recent rise from the $9,061 low to $9,301 high.

If the BTC price trades below the trend line support, it could reduce the chances of an upside break above $9,300 in the short-term. The next major support is close to the $9,120 and the 100 hourly SMA. The main breakdown support is now near the $9,000 level, below which the bears are likely to take full control.

coinmag

Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.