Bitcoin is slowly gaining upward momentum above $ 8,800 against the U.S. dollar. The price of the BTC must settle above the $ 9,000 barrier to start a convincing rally towards $ 9,500.
- Bitcoin is showing positive signs above the $ 8,800 resistance zone against the U.S. dollar.
- The price remains well supported on the lows near the levels of $ 8,840 and $ 8,780.
- There is a significant uptrend line forming with support close to $ 8,780 on the hourly chart of the BTC / USD pair (Kraken data flow).
- The pair could begin a massive uptrend once it has crossed the resistance levels of $ 8,960 and $ 9,000.
Bitcoin expected to regain $ 9,000
Bitcoin appears to form a solid base above the $ 8,670 and $ 8,700 levels against the U.S. dollar. The price of BTC is currently on the rise and has recently cleared a few key hurdles near the $ 8,800 level.
The price was even established above the level of $ 8,800 and the simple moving average of 100 hours. However, bulls are still struggling to gain momentum above the resistance levels of $ 8,960 and $ 9,000.
A high is formed near $ 8,957 and the price corrects lower. It tests the Fib retracement level of 23.6% of the recent increase, going from $ 8,676 to $ 8,957. On the downside, initial support for bitcoin is close to the $ 8,840 level.
The next major support is near the $ 8,800 area and the 50% Fib retracement level of the recent increase from $ 8,676 to $ 8,957. More importantly, a major bullish trend line is forming with support close to $ 8,780 on the hourly chart of the BTC / USD pair.
On the upside, key obstacles are visible near the levels of $ 8,960 and $ 9,000. A successful close above the $ 9,000 barrier could really draw market sentiment in favor of the bulls. The next major resistance is near the $ 9,090 level, above which the price should accelerate to the $ 9,500 level.
Cool bearish reaction?
Trend line support and $ 8,800 are important buying areas. If the price fails to stay above the trend line, it could correct further down to the $ 8,700 support and the 100-hour simple moving average.
If the price fails to stay above the $ 8,680 support and the 100-hour simple moving average, bears should aim for a short-term test of the $ 8,500 level.
Hourly MACD – The MACD is slowly gaining ground in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently well above level 60.
Main levels of support – $ 8,800 followed by $ 8,700.
Major resistance levels – $ 8,960, $ 9,000 and $ 9,090.