{"id":426462,"date":"2020-06-07T04:08:26","date_gmt":"2020-06-07T04:08:26","guid":{"rendered":"https:\/\/ktsl888.com\/?p=426462"},"modified":"2024-06-11T14:03:42","modified_gmt":"2024-06-11T14:03:42","slug":"bitcoin-btc-new-rally-above-9700","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-btc-new-rally-above-9700\/","title":{"rendered":"This Simple Technical Breakout Pattern Could Trigger New Bitcoin Rally"},"content":{"rendered":"
Bitcoin corrected lower, but it remained well bid above the $9,300 level against the US Dollar. BTC is currently consolidating and preparing for the next key break.<\/em><\/p>\n This past week, bitcoin started a downside correction from the $10,360 zone against the US Dollar. BTC price broke the $10,000 support zone and it even spiked below the $9,500 support.<\/p>\n However, the bulls were able to protect the $9,300 region<\/a> and the 100 simple moving average (4-hours). A low is formed near the $9,308 level and it recently started a fresh increase.<\/p>\n There was a break above the 23.6% Fib retracement level of the downward move from the $10,361 high to $9,308 low. Bitcoin even climbed above the $9,500 and $9,600 levels. On the upside, the $9,800 zone seems to be acting as a strong barrier<\/a>.<\/p>\n The 50% Fib retracement level of the downward move from the $10,361 high to $9,308 low also prevented more upsides. The price is now trading in a range above the $9,600 level.<\/p>\n There is also a crucial contracting triangle forming with resistance near $9,700 on the 4-hours chart<\/a> of the BTC\/USD pair. If there is a clear break above the triangle resistance near $9,700 and then $9,800, the price could accelerate higher towards $10,000.<\/p>\n\n
Bitcoin Remains In Uptrend<\/h2>\n