- Bitcoin price rallied recently above the $8,300 and $8,650 resistance levels against the US Dollar.
- The price traded to a new 2019 high at $8,952 and it is currently consolidating gains.
- There is a key bullish flag pattern forming with resistance near $8,860 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase once it clears the $8,860 and $8,900 resistance levels.
Bitcoin price started consolidating gains after trading towards $9,000 against the US Dollar. BTC could correct in the short term, but it is likely to climb higher further above $9,000.
Bitcoin Price Analysis
Yesterday, we saw a significant upward move in bitcoin price above the $8,300 and $8,500 resistances against the US Dollar. The BTC/USD pair even broke the $8,700 resistance and settled above the 100 hourly simple moving average. The bulls took control and the price traded close to the $9,000 level. A new 2019 high was formed near $8,952 and the price is currently consolidating gains. It corrected below the $8,900 and $8,800 levels.
There was a test of the 23.6% Fib retracement level of the recent rally from the $7,900 low to $8,952 high. More importantly, there is a key bullish flag pattern forming with resistance near $8,860 on the hourly chart of the BTC/USD pair. Therefore, if there is an upside break above $8,860 and $8,900, the price is likely to resume its upward move. An immediate resistances are $8,950 and $9,000. Above $9,000, the bulls could aim $10K in the coming days. An intermediate resistance is near the $9,280 level.