Bitcoin (BTC) went on the rise yesterday evening and broke the $ 9,500 resistance. According to analysts, BTC has a higher chance of rising.
Analyst Denys Serhiichuk stated in his analysis the day before that Bitcoin needs to overcome the $ 9,560 level to confirm its growth. This level is the upper limit of the previous accumulation zone. However, a typical accumulation zone shift of about $ 200 for this market may be less given the diminishing fluctuation.
According to popular analyst Aayush Jindal, Bitcoin price is currently gaining traction above the $ 9,440 resistance level. A new monthly high is forming around $ 9,557 in BTC, and the price is now above the 55 simple moving average (4 hours). On the 4-hour chart of the BTC / USD pair, there was a break above the two major bearish trend lines around $ 9,200. The pair may experience lower levels of correction in the short term, but the declines continue to be supported near $ 9, 420.
According to Jindal, in the past few days, Bitcoin price has followed an uptrend above the $ 9,000 support against the US Dollar. BTC formed a strong support base above $ 9 thousand 100 and started a steady increase. Bitcoin was trading at the highest level of $ 9,556 per month, and is currently consolidating earnings. The price is testing the 23.6% Fib retracement level in the recent increase at $ 9,576. In the event of a disadvantage below the $ 9 thousand 490 level, the price may continue to improve towards the main support of $ 9 thousand 440.
The breakout region around $ 9 thousand 420 and $ 9 thousand 440 can serve as a strong support. Also, the 50% Fib retracement level, which has recently increased to $ 9 thousand 567, is close to the $ 9 thousand 420 level.
Price Can Rise Up To $ 9 Thousand 880
If there is a downward trend below the support of 9 thousand 420 dollars, the price may continue to decrease. As such, there is a risk that the price will drop to support $ 9,323 and even 55 simple moving averages (4 hours). By contrast, the price may continue to rise above the $ 9,540 and $ 9,557 levels. The next key resistance is around $ 9,500, above which the price could rise to $ 9,880.
At the time of writing, the leading crypto currency was trading at $ 9,550.