This past week, the BTC/USD pair finally settled above the $10,000 resistance. The BTC pair extended its rise above the $9,800 resistance and settled well above the 100 hourly simple moving average (SMA). As a result, the bulls gained momentum and the price rallied more than 4% to surpass the $10,000 level and traded at $10,199.
A recent low was formed close to $9,818 but the price continued its upward move. The uptrend was such that the price surpassed the $10,000 resistance again, and the 50% Fib retracement level of the recent decline from the $10,199 high to $9,818 low. A new monthly high is formed close to $10,300 and the price is currently making a downside correction.
Most importantly, there is also a key connecting bullish trend line forming on the BTC/USD hourly chart, with support close to $10,000. The hourly MACD for the pair is currently gaining momentum in the bullish zone. Its hourly RSI (Relative Strength Index) is now well above the 60 level.
The pair is currently testing the $10,300 zone, plus the 76.4% Fib retracement level of the recent decline from the $10,199 high to $9,818 low. A successful close above the $10,300 level may perhaps pave way for a fresh increase in the near term. An initial hurdle is near the $10,350 level, above which the price might climb towards $10,500.
On the other hand, it appears the BTC price is holding strong above the $10,000 support. If it declines below the trend line support and the $10,000 support, there are chances of a fresh decline towards $9,800. The first major support below $9,800 is close to the $9,750. Any further losses may perhaps pave way for a test of the $9,500 support zone. An intermediate support could be close to $9,650 or the 100 hourly SMA.