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Three Key Causes Why Bitcoin Value May Surge Above $9,500


Bitcoin is buying and selling properly above the $9,300 and $9,220 assist ranges in opposition to the US Greenback. BTC is more likely to proceed increased in direction of $9,500 and $9,800 so long as it’s above $9,220.

  • Bitcoin is forming a robust assist base above the $9,220 assist zone.
  • The worth is at present buying and selling above the $9,300 degree and the 100 hourly easy shifting common.
  • There was a break above a key bearish pattern line with resistance close to $9,370 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might proceed to grind increased contemplating the present technical formation above $9,300.

Bitcoin Value is Doubtless To Rise To $9,500

Previously 2-Three days, bitcoin value remained steady above the $9,200 and $9,220 assist ranges in opposition to the US Greenback. BTC appears to be forming a robust assist base above the $9,220 assist zone.

The current swing low was at $9,279 earlier than the worth climbed increased. There was a break above the $9,300 and $9,350 resistance ranges, plus an in depth above the 100 hourly easy shifting common.

The bulls even pushed the worth above the 50% Fib retracement degree of the current decline from the $9,416 excessive to $9,279 low. Extra importantly, there was a break above a key bearish pattern line with resistance close to $9,370 on the hourly chart of the BTC/USD pair.

BTC closes above 100 hourly SMA: Supply: TradingView.com

Bitcoin is now buying and selling properly above the $9,350 degree and the 100 hourly SMA. It’s testing the 76.4% Fib retracement degree of the current decline from the $9,416 excessive to $9,279 low. It looks as if it might proceed to rise above the $9,400 resistance and the $9,416 excessive.

Within the talked about bullish case, the bulls are more likely to purpose a take a look at of the principle $9,500 resistance zone. A profitable shut above the $9,500 resistance is required for a swift rally (as mentioned in yesterday’s weekly evaluation).

Due to this fact, a robust assist base close to $9,220, the current pattern line break, and a constructive value motion might be the high three causes for a push in direction of $9,500 and $9,800 within the close to time period.

Can BTC Maintain $9,200?

On the upside, the $9,400 and $9,500 ranges are vital limitations for the bulls. If bitcoin fails to proceed increased, it might decline once more under $9,300.

The primary assist is close to the $9,220 and $9,200 ranges, under which there’s a danger of a bigger decline within the coming periods.

Technical indicators:

Hourly MACD – The MACD is slowly shifting into the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now effectively above the 50 degree.

Main Assist Ranges – $9,300 adopted by $9,220.

Main Resistance Ranges – $9,400, $9,500 and $9,800.



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