In the past few sessions, the BTC price has remained stable above the $9,200 and $9,220 support levels. Moreover, BTC seems to be forming a strong support base above the $9,220 support zone. The price recently formed a swing low at $9,279 before it climbed higher.
There was a clear break above the $9,300 and $9,350 resistance levels, and a close above the 100 hourly simple moving average (SMA). The bulls even managed to push the price above the 50% Fib retracement level of the recent downward move from the $9,416 high to $9,279 low.
Notably, there was a break above a key bearish trend line on the BTC/USD hourly chart, with resistance near $9,370. The hourly MACD for the pair is slowly moving into the bullish zone. Its hourly RSI (Relative Strength Index) is currently well above the 50 level.
At press time, BTC is trading nicely above the $9,350 level and the 100 hourly SMA. It is also testing the 76.4% Fib retracement level of the recent downward move from the $9,416 high to $9,279 low. It seems like it could continue its rise and break above the $9,400 resistance and the $9,416 high.
On the upside, the $9,400 and $9,500 levels are important resistance levels for the bulls. If they manage to break above the $9,400 resistance they are likely to aim a test of the main $9,500 resistance zone. A successful close above the $9,500 resistance is needed to begin any decent rally.
However, if BTC fails to continue higher, it could decline again below $9,300. The main support is formed close to the $9,220 and $9,200 levels. A break below the main support could lead to a larger decline in the coming session. Therefore, a strong support base near $9,220, the recent trend line break, together with a positive price action could trigger an increase towards $9,500 and $9,800 in the near term.