Bitcoin Price Holds Strong Above $9,200: A Strengthening Case for Upside

Bitcoin is trading nicely above the $9,200 and $9,000 support levels against the US Dollar. BTC is rising and it could gain bullish momentum if there is a clear break above $9,550.Bitcoin is trading in a positive zone above the $9,400 and $9,200 support levels.An immediate hurdle is near the $9,550 zone, above which it could revisit $10,000.There is a key bullish trend line forming with support near $9,400 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).The pair could either rally above $9,550 or start a major correction towards the $9,000 level.Bitcoin Holding Uptrend SupportThis past week, bitcoin extended its rise above the $9,800 resistance area against the US Dollar. BTC price traded close to the $10,000 resistance and settled well above the 100 simple moving average (4-hours).However, the bulls failed to gain strength above $9,950 and $10,000. A swing high was formed near $9,950 and the price started a downside correction. It traded below the $9,800 and $9,550 support levels.The decline was such that the price traded below the 23.6% Fib retracement level of the upward move from the $7,954 swing low to $9,950 high. Bitcoin even spiked below the $9,400 support area, but the $9,200 zone acted as a strong support.It seems like the $9,200 zone and the 100 simple moving average (4-hours) protected more losses. There is also a key bullish trend line forming with support near $9,400 on the 4-hours chart of the BTC/USD pair.Bitcoin PriceThe pair is currently rising and trading above the $9,400 level. It is testing the $9,550 and $9,600 resistance levels. A successful break above the $9,600 level could open the doors for a fresh increase.The next key resistance is near the $9,800 level, above which the price is likely to revisit the $9,950 and $10,000 resistance levels. Any further gains could set the pace for a push towards $10,500.More LossesIf bitcoin fails to stay above the trend line support, it could even decline below $9,200 and the 100 simple moving average (4-hours) in the coming sessions.The next major support is near the $9,000 level or the 50% Fib retracement level of the upward move from the $7,954 swing low to $9,950 high at $8,952. Any further losses might push the price towards the $8,200 support.Technical indicators4 hours MACD – The MACD for BTC/USD is about to move into the bullish zone.4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 50 level.Major Support Level – $9,200Major Resistance Level – $10,000Take advantage of the trading opportunities with Plus500Risk disclaimer: 76.4% of retail CFD accounts lose money.

This post was originally published on www.newsbtc.com