- Bitcoin price is holding a couple of important supports near the $9,200 level against the US Dollar.
- The price is likely to accelerate gains if there is a clear break above the $9,400 and $9,500 levels.
- There is a major breakout pattern forming with resistance near $9,375 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- Ethereum and ripple are also trading with a positive bias above $185 and $0.2950 respectively.
Bitcoin price is consolidating above key supports against the US Dollar. BTC price is likely to start a strong rise once it settles above $9,400 and $9,500.
Bitcoin Price Analysis
After struggling to settle above $9,500, bitcoin started a downside correction against the US Dollar. BTC corrected lower and traded below the $9,400 and $9,350 levels. However, the price stayed above the $9,200 support and the 100 hourly simple moving average.
At the outset, the price is consolidating in a contracting range above the $9,200 support. The last swing high was near $9,435 and the last swing low was near $9,278. The price is currently moving higher above the $9,300 level.
Moreover, there was a break above the 23.6% Fib retracement level of the recent decline from the…
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Author: Aayush Jindal