• 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


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