Bitcoin is trading nicely above the $9,400 support zone against the US Dollar. BTC price is likely to continue higher towards $10,000 if it clears $9,600 and $9.750.
- Bitcoin is trading with a positive bias above the $9,400 support zone.
- The price could struggle to clear the $9,600 and $9,750 resistance levels in the short term.
- There was a break above a key contracting triangle with resistance near $9,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a strong increase if it clears the $9,600 and $9,750 resistance levels.
Bitcoin Price Could Rise Further
After a successful close above the $9,300 level, bitcoin price extended its rise above the $9,400 resistance against the US Dollar. BTC price even settled above the $9,500 level and the 100 hourly simple moving average.
It traded as high as $9,745 and recently started a downside correction. It traded below the $9,600 and $9,500 levels. However, the previous key resistance near $9,400 and the 100 hourly simple moving average acted as major supports.Dips Supported in BTC
If bitcoin fails to continue higher above $9,600 or $9,700, there could be a downside correction. An initial support is near the $9,450 level or the 100 hourly simple moving average.The main support is still near the $9,400 level, below which the price could extend its decline towards the .
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