The price of the leading cryptocurrency, Bitcoin, rose higher above $9,000 as well as $9,300 against its top rival, the US Dollar. As of now, the crypto has gained more strength and is doing so great in the market charts. There are possibilities that the coin might as well surge higher above the price of $9,500.
Bitcoin Price Analysis
Over the past couple of days, the price of this leading crypto gained consistent growth above the high price of $8,800 against the USD. The pair of Bitcoin and US Dollar is the one that hit the most bullish targets. Some of the targets included the $9,000 as well as the $9,200.
As a matter of fact, the price was even able to break the price level of $9,300 and managed to settle right above the 100- hourly SMA. With the recent bullish wave, the price was taken close to the level of $9,400. In addition to that, a brand new yearly high was formed at a price of $9,392.
A Sharp Downside Correction & Reversal Thereafter
The Bitcoin price experienced a sudden downside correction after having traded as high as $9,392. The action made it to spike right below the price levels of $9,100 and $9,000 respectively. However, that did not last for long. There was a very quick reversal, and the price was able to just settle right above $9,000.
Further to that, the price was even able to climb right above $9,200 price high. Just some few hours ago, the BTC price formed a swing at a high price of $9,255. At the moment, the price is correcting a bit lower and had tested the level of $9,150.
The Fib retracement level of 23.6% of the latest rally from $8,830 to the high price of $9,255 is also moving towards the direction of $9,155.
The Many Supports
There are a number of supports near the Bitcoin price levels of $9,100 and $9,050. However, the main support is now trading somewhere in the region of $9,040.
The Fib retracement level of the latest rally is also recorded not far from the high price of $9,155. In any case more downsides are recorded, there are possibilities that the price could be able to revisit the support of $9,000.
In addition to that, there is also a very important bullish trend line that has started to form with most support in the region of $8,780 on the BTC/USD pair hourly chart.
A Keen Look At The Market Charts
The market charts reveal that the price of BTC was able to recover right above the high price of $9,100. This came right after a very sharp downside correction.
At the moment, the Bitcoin price is now trading nicely at a price that is over $9,150. There are possibilities that the price could further climb right above $9,300. Chances are high that the price could even hit the highs of $9,500 in the next couple of days.
As the week kicks off, the main target for this leading crypto will be to hit the high price levels of $10,000. The Relative Strength Index for the pair of Bitcoin and US Dollar is right above the 50 levels. The major support level that has been recorded is at $9,040 and is closely followed by $9,000.