The BTC price is currently trading above a few important supports near the $9,560 and $9,500 levels. In addition, the price seems to be trading inside a contracting range and it recently tested the $9,900 region. A recent high was formed close to $9,901 before the price started the downside correction. During the decline, the $9,700 support was broken, but the $9,600 support prevented further losses. It formed a low near $9,592 and the price is currently consolidating gains.
BTC traded above the 50% Fib retracement level of the recent downtrend from the $9,901 high to $9,592 low. The 61.8% Fib retracement level of the recent downtrend from the $9,901 high to $9,592 low is also near $9,780. The hourly MACD for the pair is about to move into the bullish zone. Its hourly RSI (Relative Strength Index) is currently well above the 50 level.
On the upside, an initial resistance is near the $9,780 level and a connecting bearish trend line on the BTC/USD hourly chart. The BTC price could revisit the $9,950 and $10,000 resistance levels if it successfully breaks above the trend line resistance and $9,800. To start any decent rise, the price must break the $9,950 and $10,000 resistance levels. If this happens, the next major resistance could be $10,500, above which the price might test the $11,200 resistance.
However, if BTC continue higher but still fail to clear the $9,950 and $10,000 resistance levels, there is a risk of a bearish reaction in the coming sessions. On the downside, there is a key bullish trend line forming on the same chart, with support near $9,590. The main support is near the $9,560 level, below which BTC might drop further towards the $9,200 and $9,000 levels in the coming sessions.