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Bitcoin Breaks Key Hurdle: Here’s Why It Could Revisit $10,000

Bitcoin Breaks Key Hurdle: Here’s Why It Could Revisit $10,000

Bitcoin is up greater than 4% and it broke the important thing $9,500 resistance zone in opposition to the US Dollar. BTC worth is at present correcting decrease, however dips stay supported close to $9,350.

Bitcoin gained traction above the $9,300 and $9,500 resistance ranges.
The worth traded as excessive as $9,624 and it’s at present correcting decrease.
There is a significant ascending channel forming with assist close to $9,350 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
The pair may right additional, however dips are more likely to stay supported close to $9,350 and $9,300.

Bitcoin Price Turns Green
Yesterday, we mentioned the probabilities of a robust enhance in bitcoin worth if it clears the $9,300 resistance in opposition to the US Dollar. BTC worth did break the $9,300 resistance and it even surged above the $9,500 stage.
The upward transfer was robust as the worth spiked above the $9,600 stage and settled above the 100 hourly easy shifting common. The worth traded as excessive as $9,624 and it’s at present correcting decrease.
It is testing the 23.6% Fib retracement stage of the current rally from the $9,108 low to $9,624 excessive. On the draw back, there are lots of helps close to the $9,400 and $9,350 ranges. There can be a significant ascending channel forming with assist close to $9,350 on the hourly chart of the BTC/USD pair.
Bitcoin Price
The channel assist is near the 50% Fib retracement stage of the current rally from the $9,108 low to $9,624 excessive. The essential assist is now close to the $9,300 stage (the current breakout zone).
If the worth breaks the channel assist, the bulls are more likely to defend the principle $9,300 assist. Any additional losses might maybe lead the worth in the direction of the $9,200 and $9,100 assist ranges within the close to time period.
More Gains in BTC?
As lengthy as bitcoin is above the $9,300 assist zone, it’s more likely to proceed greater. An preliminary resistance is close to the $9,600 and $9,650 ranges.
The first main resistance on the upside is close to the $9,800 stage. If the bulls clear the $9,800 resistance, the worth may proceed to rise in the direction of the $9,950 and $10,000 resistance ranges within the coming periods. Any additional beneficial properties may lead the worth in the direction of $10,200.
Technical indicators:
Hourly MACD – The MACD is slowly decreasing its present bullish slope.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is at present nicely above the 60 stage.
Major Support Levels – $9,350 adopted by $9,300.
Major Resistance Levels – $9,650, $9,800 and $10,000.

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