Bitcoin price started another increase from the $9,500 support area. BTC/USD is back above $9,980 and it is likely to continue higher above $10,275 and $10,400 in the near term.
In the past three sessions, the bitcoin price formed a strong support base above $9,500 and $9,550 against the US Dollar. As a result, there was a strong increase in BTC to USD above the $9,820 and $9,980 resistance levels.
Looking at the 1-hour chart, the price even traded above the $10,050 resistance area and the 25 simple moving average (1-hours, orange). Besides, BTC surpassed a key hurdle near $9,820 and a connecting bearish trend line.
The market data is provided by TradingView, Bitfinex.
The recent wave was such that the bitcoin price climbed above $10,200 and traded as high as $10,276. It is currently correcting lower from $10,276 and trading below $10,150.
Immediate support is near the $10,090 level. It coincides with the 23.6% Fib retracement level of the upward move from the $9,501 low to $10,276 high.
The main support on the downside is $9,990 and $9,980 levels (the recent breakout zone). The next major support is seen near the $9,885 level or the 50% Fib retracement level of the upward move from the $9,501 low to $10,276 high.
A clear break below $9,880 area could push bitcoin back into a bearish zone. The next target for the bears could be $9,500. Conversely, the price might continue to rise above the $10,250 and $10,275 levels.
The first key resistance above $10,275 is near $10,400, above which bitcoin bulls are likely to aim a larger rally towards the $10,500 resistance area or to a new 2020 high above $10,700 level in the coming sessions.