Bitcoin price is gaining pace and it recently climbed above the $9,150 and $9,300 resistance levels. BTC/USD is currently in a range and it remains well supported near $9,175.
In the past three sessions, the Bitcoin price followed a bullish path and broke the key $9,150 resistance area against the US Dollar. The BTC/USD pair even surged above the $9,300 and $9,360 resistance levels.
Looking at the 1-hour chart, the price settled nicely above the $9,150 level and the 25 simple moving average (1-hours, orange). A new monthly high was formed near $9,436 and the price is currently consolidating gains.
The market data is provided by TradingView, Bitfinex.
It is trading above the 23.6% Fib retracement level of the recent surge from the $8,915 low to the $9,436 high. On the downside, the $9,300 area might provide support.
If Bitcoin slides below the $9,300 support, it could extend its correction towards the $9,175 and $9,150 support levels. Additionally, the 50% Fib retracement level of the recent surge from the $8,915 low to the $9,436 high is near the $9,175 level.
More importantly, the 25 simple moving average (1-hours, orange) is positioned near the $9,150 level. Therefore, the price is likely to find a strong buying interest near the $9,175 and $9,150 support levels.
A successful break below the $9,150 level could start a strong decline in the near term. On the upside, an initial resistance is near the $9,435 level.
If Bitcoin surpasses the $9,435 zone, it is likely to climb above $9,500 and $9,550. The next target for the bulls may perhaps be near the $9,680 level in the coming sessions unless the price slides below $9,150.