Bitcoin is trading in a contracting range above $9,000 against the US Dollar. BTC’s daily chart suggests that the price could rally above $9,300 as long as it is above the 100-day SMA.
- Bitcoin is holding a couple of important supports near $9,000 and $8,800.
- The price is currently facing strong barriers near $9,300 and $9,400.
- There is a crucial contracting triangle forming with resistance near $9,250 on the daily chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a sharp rally above $9,300 as long as it is above the 100-day simple moving average.
Bitcoin Price Could Restart its Rally
In the past few days, bitcoin price mostly traded with a bearish angle below the $9,500 resistance against the US Dollar. BTC even settled below the $9,300 level, but it remained well above the 100-day simple moving average.
The last swing low was formed near $8,809 before the price started a short-term upside correction. There was a break above the $9,000 and $9,200 levels. The price even broke the 50% Fib retracement level of the downward move from the $9,768 swing high to $8,809 low.Bitcoin price holding $9,000: Source:
It seems like there is a crucial contracting triangle forming with resistance near $9,250 on the daily chart of the BTC/USD pair. If there is a clear break above the triangle resistance and $9,300, the price could start a sharp upward move.