Yesterday, after forming a strong support base above $9,400, the BTC price started a fresh increase. The price broke and traded above the $9,600 and $9,740 resistance levels to move into a positive zone. Moreover, it settled above the $9,700 level and the 100 hourly simple moving average (SMA). There was even a break above a key bearish trend line on the BTC/USD hourly chart, at $9,690. This paved way for more gains and the price traded as high as $9,884.
However, the BTC price is currently consolidating gains and trading close to the $9,800 level. It tested the 23.6% Fib retracement level of the recent increase from the $9,469 low to $9,884 high. There is also a bullish continuation pattern forming on the same chart, with resistance close to $9,850. The hourly MACD for the pair is currently struggling to gain momentum in the bullish zone. Its hourly RSI (Relative Strength Index) is now moving nicely above the 50 level.
If there is a clear break above the triangle resistance, the price could climb above the $9,900 and $9,950 levels. The first major resistance seen on the upside is close to the $10,000 level. A break above this level could pave way for more upsides towards the $10,400 and $10,500 resistance levels in the near term.
On the downside, the first major support is close to the triangletrend line at $9,780. If BTC fails to break higher, it could correct lower below $9,780. The next major support is close to the $9,680 level and the 100 hourly SMA. The 50% Fib retracement level of the recent increase from the $9,469 low to $9,884 high is also near $9,677. Any further losses may perhaps lead the price towards the $9,400 support zone.