Bitcoin (BTC) Price Could Accelerate To $9.8K Unless It Breaks $9.2K

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November 6, 2019 by
Bitcoin (BTC) Price Could Accelerate To $9.8K Unless It Breaks $9.2K
  • 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 $9,435 high to $9,278 low. An immediate resistance is near the $9,350 and $9,375 levels.

Additionally, the 50% Fib retracement level of the recent decline from the $9,435 high to $9,278 low is near the $9,350 level. More importantly, there is a major breakout pattern forming with resistance near $9,375 on the hourly chart of the BTC/USD pair.

Therefore, an upside break above $9,350 and $9,375 could set the pace for more upsides in the near term. The next major resistance is near the $9,500 area, above which bitcoin may perhaps accelerate towards $9,600 and $9,800.

On the downside, an immediate support is near the triangle at $9,280. If there is a downside break, the price could retest the $9,200 support. Any further losses below $9,200 might clear the path for a push towards the $9,000 and $8,960 support levels.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin seems to be preparing for the next break either above $9,375 or below $9,280. Having said that, a downside break below the $9,200 support area won’t be easy. Thus, there are high chances of an upside break above the $9,375 and $9,400 resistance levels in the near term.

Technical indicators:

Hourly MACD – The MACD is likely to move back into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining and is just below the 50 level.

Major Support Levels – $9,280 followed by $9,200.

Major Resistance Levels – $9,375, $9,400 and $9,500.

Source: News Btc.

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