Beware Bears: Bitcoin Above $9,500 Could Trigger A Massive Rally
Bitcoin price popped above the $9,150 and $9,200 resistance levels against the US Dollar to move into a positive zone. BTC price even climbed above $9,300 and settled above the 100 hourly simple moving average.
The bulls made a couple of attempts to gain bullish momentum above $9,400, but they failed. A new weekly high was formed near $9,429 before the price corrected lower. It traded below 23.6% Fib retracement level of the upward move from the $8,784 low to $9,429 high.
However, bitcoin found support near the $9,100 region (the recent breakout zone). More importantly, there is a major bullish trend line forming with support near $9,180 on the hourly chart of the BTC/USD pair.
The pair also found support near the 50% Fib retracement level of the upward move from the $8,784 low to $9,429 high. It is currently rising and approaching the $9,400 resistance. To continue higher, the bulls need to gain momentum above the $9,400 and $9,500 levels.
A successful daily close above the $9,500 level might turn crucial and the price could start a strong rally towards the $10,000 and $10,500 levels.
If bitcoin price continues to struggle near the $9,400 resistance or fails near the $9,500 level, there could be a bearish reaction. An initial support on the downside is near the $9,200 zone.
The first major support is near the $9,100 level, below which the bears are likely to aim more downsides towards the $8,600 support in the near term. Any further losses could start a sustained downward move towards the $8,000 handle.