{"id":428045,"date":"2020-06-21T04:58:12","date_gmt":"2020-06-21T04:58:12","guid":{"rendered":"https:\/\/wncen.com\/?p=428045"},"modified":"2024-06-11T12:33:00","modified_gmt":"2024-06-11T12:33:00","slug":"bitcoin-bullish-btc-flag-breakout-9500","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bullish-btc-flag-breakout-9500\/","title":{"rendered":"Bitcoin Bullish Flag Breakout Could Pump BTC, But $9,500 Holds The Key"},"content":{"rendered":"
Bitcoin traded as low as $9,165 and recently started a fresh increase against the US Dollar. BTC is currently rising, but it might struggle to clear the main $9,500 resistance zone.<\/em><\/p>\n This past week, bitcoin declined steadily from well above the $9,500 resistance<\/a> against the US Dollar. BTC price traded below the $9,300 support level and even settled well below the 100 simple moving average (4-hours).<\/p>\n A swing low was formed near the $9,165 level before it started a decent upward move. There was a break above the $9,250 and $9,300 resistance levels. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $9,587 swing high to $9,165 low.<\/p>\n More importantly, there was a break above a major bullish flag pattern with resistance near $9,340 on the 4-hours chart of the BTC\/USD pair. It has opened the doors for more gains<\/a> above the $9,350 level.<\/p>\n <\/a><\/p>\n Bitcoin price is testing the 50% Fib retracement level of the downward move from the $9,587 swing high to $9,165 low. A clear break above $9,400 could set the momentum for a push towards the main $9,500 resistance zone.<\/p>\n The 100 simple moving average (4-hours) is also waiting near the $9,500 resistance area. Therefore, an upside break above the $9,500 resistance zone is needed for a strong upside continuation. The next major hurdles are seen near the $9,800 and $9,840 levels.<\/p>\n If bitcoin struggles to clear the $9,400 and $9,500 resistance levels, there is a risk of a fresh decline. An initial support is near the broken flag resistance at $9,300.<\/p>\n The main support is now forming near the $9,080 level, below which there is a risk of a larger decline below the $9,000 support in the coming sessions.<\/p>\n Technical indicators<\/p>\n 4 hours MACD \u2013 The MACD for BTC\/USD is slowly gaining in the bullish zone.<\/p>\n 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently just above the 50 level.<\/p>\n Major Support Level \u2013 $9,300<\/p>\n Major Resistance Level \u2013 $9,500<\/p>\n\n
Bitcoin is Showing Recovery Signs<\/h2>\n
Bitcoin Grinding Higher. Source: TradingView.com<\/a><\/pre>\n
Fresh Decline in BTC?<\/h2>\n