Bitcoin gained more than 2.5% and broke the main $9,300 resistance against the US Dollar. BTC is currently consolidating gains and it is likely setting up for more upsides towards $9,550.
- Bitcoin gained bullish momentum above the $9,200 and $9,300 resistance levels.
- The price is currently consolidating above $9,300 and it is well above the 100 hourly simple moving average.
- There is a short-term contracting triangle forming with resistance near $9,385 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to continue higher if it clears the $9,385 and $9,400 resistance levels.
Bitcoin Price Signaling More Gains
Yesterday, we discussed the chances of bitcoin ending its deadlock of $9,000 against the US Dollar. BTC did break the range and started a strong increase above the $9,200 resistance level.
The bulls were able to clear the $9,300 resistance and the price settled well above the 100 hourly simple moving average. It even surpassed the $9,400 level and traded to a new weekly high at $9,437.
Bitcoin price breaks $9,400: Source:If the pair breaks the triangle resistance and $9,400, it is likely to continue higher. A successful close above the $9,400 level will most likely open the doors for a push towards the $9,500 and $9,550 resistance levels in the coming sessions.