Bitcoin price is up more than 2% and it is trading nicely above the $9,050 level. BTC/USD is likely to continue higher above the $9,185 and $9,250 resistance levels in the coming sessions.
Yesterday, we discussed the chances of a decent upward move in the bitcoin price above the $8,990 and $9,000 resistance levels. BTC/USD did continue higher and extended gains above the $9,050 level.
Looking at the 1-hour chart, the price even climbed above the $9,150 level and settled nicely above the 25 simple moving average (1-hour, orange). A new weekly high was formed near $9,186 and the price corrected by a few points.
The market data is provided by TradingView, Bitfinex.
There was a break below the $9,100 level. The bitcoin price dipped below the 23.6% Fib retracement level of the upward move from the $8,717 low to the $9,186 high.
However, the price remained well near the $9,050 level and the 25 simple moving average (1-hour, orange). Moreover, the BTC price is following a key ascending channel with support near $9,075 on the 1-hour chart.
If there is a downside break below the channel support, the price could correct lower towards the $8,955 support level. It coincides with the 50% Fib retracement level of the upward move from the $8,717 low to $9,186 high. Any further losses could lead the price towards $8,720.
The next major support is seen near the $8,900 level. On the upside, there are a few short-term hurdles near the $9,185 and $9,200 levels. The first key resistance is near the $9,250 level.
If Bitcoin clears the $9,250 resistance area, there are chances of a steady rise towards the $9,400 and $9,500 levels in the coming sessions.