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Bitcoin Could End Current Consolidating With A Strong Rally To $10,500

Bitcoin Could End Current Consolidating With A Strong Rally To $10,500


Bitcoin is trading in a tight range above the $9,640 support against the US Dollar. BTC price is likely to surge higher if it clears the $9,800 and $9,880 range resistance levels.

  • Bitcoin is trading in a positive zone above the $9,640 and $9,600 support levels.
  • The bulls are likely aiming an upside break above the $9,880 resistance zone.
  • There is a key bearish trend line forming with resistance near $9,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • A downside break below the 100 hourly SMA could start a major decline to $9,500 or $9,300.

Bitcoin Price Stuck In A Range

After a strong recovery wave, bitcoin price faced a strong resistance near the $9,880 level against the US Dollar. BTC started trading in a range below the $9,880 level and it seems to be preparing for the next major move.

There was a break below the $9,720 level, plus the 23.6% Fib retracement level of the upward move from the $9,389 low to $9,811 high. However, the $9,640 level and the 100 hourly simple moving average are acting as strong supports.

On the upside, there is a major hurdle forming near the $9,800 and $9,880 levels. There is also a key bearish trend line forming with resistance near $9,800 on the hourly chart of the BTC/USD pair.

Bitcoin Price

If bitcoin clears the trend line resistance, there are chances of a sharp rally above the $9,880 resistance. The next major resistance is near the $10,000 level, above which the bulls are likely to aim a test of the $10,500 resistance zone in the near term. Any further gains could lead the price towards the $11,200 barrier.

Bearish Move in BTC?

On the downside, there is a range support forming near the $9,640 level and the 100 hourly simple moving average. If there is a bearish break below the 100 hourly SMA, the price could test the $9,600 level.

The 50% Fib retracement level of the upward move from the $9,389 low to $9,811 high is near the $9,600 level to act as a support. Any further losses may perhaps put a lot of pressure on the bulls and the price might decline further towards the $9,500 support or $9,400.

Technical indicators:

Hourly MACD – The MACD is likely to gain strength in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently struggling to stay above the 50 level.

Major Support Levels – $9,640 followed by $9,500.

Major Resistance Levels – $9,800, $9,880 and $10,000.



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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin9,364.6 0.19 % 0.72 % 1.45 %
Ethereum245.12 0.43 % 0.75 % 6.27 %
Tether0.9984 0.13 % 0.12 % 0.07 %
XRP0.2036 0.41 % 1.76 % 15.21 %
Bitcoin Cash241.82 0.30 % 0.58 % 8.09 %
Cardano0.1229 1.09 % 7.37 % 27.91 %
Bitcoin SV187.91 0.07 % 0.43 % 18.70 %
Litecoin45.17 0.60 % 0.01 % 8.19 %
Crypto.com Coin0.1440 0.08 % 3.00 % 14.24 %
EOS2.680 0.56 % 0.32 % 12.55 %