Bitcoin price is trading with a strong bullish bias above the $9,310 and $9,220 support levels. BTC/USD is likely to accelerate towards $9,800 once it succeeds in clearing the $9,436 high.
In the past three sessions, the bitcoin price traded in a range above the $9,220 and $9,175 support levels against the US Dollar. Earlier, the BTC/USD pair corrected a few points and traded below the $9,300 level.
Looking at the 1-hour chart, the price even spiked below the $9,260 level and the 25 simple moving average (1-hours, orange). Moreover, there was a break below the 23.6% Fib retracement level of the upward move from the $8,914 low to the $9,436 high.
The market data is provided by TradingView, Bitfinex.
However, the $9,205 and $9,200 levels acted as strong support for the bulls. Moreover, there was no clear break below the $9,200 level and the price bounced back above the 25 simple moving average (1-hours, orange).
It is currently rising and approaching the $9,420 and $9,435 resistance levels. It seems like bitcoin price is trading inside a crucial contracting triangle with resistance near $9,435 on the 1-hour chart.
If there is a clear break above the triangle resistance and $9,435, there are chances of a sharp rise above the $9,480 and $9,500 levels. In the mentioned case, the price is likely to hit the $9,800 level.
Conversely, bitcoin might slide below the $9,300 and $9,220 support levels. In the mentioned bearish case, the price could test the $9,115 level since it is close to the 61.8% Fib retracement level of the upward move from the $8,914 low to the $9,436 high. Any further losses might call for a test of $9,020.