Bitcoin price declined recently below $9,820 and tested the $9,420 support area. BTC to USD is currently rising and it could rally towards the $10,000 and $10,300 resistance levels.
Key Takeaways: BTC/USD
- Bitcoin price is slowly rising towards the key $9,820 resistance area against the US Dollar.
- BTC/USD is facing hurdles near $9,810, $9,820 and a contracting triangle on the 2-hours chart (data feed from Bitstamp).
- Ethereum is up 3% and it is likely to grind higher towards the $270.00 pivot level.
Bitcoin Price Analysis
This week, there was a major downside correction in bitcoin price below the $10,020 and $9,820 support levels. BTC to USD even spiked below the $9,460 support level.
Looking at the 2-hours chart, bitcoin even settled below the $9,820 level and the 50 simple moving average (2-hours, purple). Finally, there was a break below the $9,400 area and the price traded as low as $9,317.
Recently, it started an upside correction above the $9,600 level and the $9,650 resistance. Besides, the price climbed above the 23.6% Fib retracement level of the key drop from $10,298 to $9,317.
However, the price is now facing a couple of key hurdles near $9,810, $9,820 and a contracting triangle on the 2-hours chart. The 50 simple moving average (2-hours, purple) is also near the $9,800 level to act as a resistance.
More importantly, the 50% Fib retracement level of the key drop from $10,298 to $9,317 is near $9,807 to stop the upward move. Therefore, a clear break above the $9,800 and $9,820 levels is needed for a sharp upward move towards the $10,000 and $10,020 resistance levels.
Any further gains could lead the price towards the $10,300 resistance level. Conversely, the price could fail to clear the $9,820 area and the 50 simple moving average (2-hours, purple).
In the mentioned case, bitcoin price could resume its decline below the $9,600 level. The main support is near the $9,460 level, below which there is a risk of a major decline towards $9,081. The overall trend is positive and BTC could rally if it clears the $9,820 resistance.