Bitcoin is struggling to gain bullish momentum above $9,000 against the US Dollar. BTC must climb above $9,200 to set the stage for a rally towards $10,000 in the near term.<\/em><\/p>\n
\n
Bitcoin is trading in a broad range below the key $9,200 resistance zone.<\/li>\n
The price is consolidating above $8,800 and the 100 hourly simple moving average.<\/li>\n
There is a key contracting triangle forming with resistance near $9,040 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could either surge above $9,200 or it might start a fresh decline towards $8,400.<\/li>\n<\/ul>\n
Bitcoin Could Gain Momentum<\/h2>\n
After forming a support base above $8,600, bitcoin started an upward move towards $9,000 against the US Dollar. BTC price broke a few hurdles near $8,950 and the 100 hourly simple moving average to move into a positive zone.<\/p>\n
The price even climbed above the $9,000 level and traded as high as $9,120 recently. It is currently correcting lower below $9,000. There was a break below the 23.6% Fib retracement level of the upward move from the $8,536 low to $9,120 high.<\/p>\n
On the downside, the $8,800 zone is acting as a strong support along with the 100 hourly SMA. More importantly, there is a key contracting triangle forming with resistance near $9,040 on the hourly chart<\/a> of the BTC\/USD pair.<\/p>\n