Bitcoin corrected lower sharply from the $10,500 resistance against the US Dollar. However, BTC is still above the key $9,800 support and it could soon rally again.
- After trading to a new 2020 high, bitcoin price corrected lower from $10,507 against the US Dollar.
- The price declined below the $10,200 and $10,000 support levels.
- There is a key bullish trend line forming with support near $9,800 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair is well supported above $9,800 and the 100 simple moving average (4-hours).
Bitcoin Could Rally Again
This past week, bitcoin maintained a bullish bias above the $10,300 area against the US Dollar. BTC price extended its rally towards the $10,500 level and settled above the 100 simple moving average (4-hours).
Finally, the price traded to a new 2020 high at $10,507 before starting a downside correction. It seems like the price made a couple of attempts to gain pace above $10,500, but the bulls failed.However, bitcoin found a strong support near $9,800 (the last breakout zone) along with the 100 simple moving average (4-hours). A swing low is formed near $9,764 and the price is currently rising.
Additionally, there is a key bullish trend line forming with support near $9,800 on the 4-hours of the BTC/USD pair. It is now trading above the 23.6% Fib retracement level of the recent correction from the $10,507 high to $9,764 low.