Bitcoin has pushed past the $9,000 level and it is currently trading with a strong bullish bias.
On the downside, initial support is near the $9,000 level. The next support is near the $8,800 and $8,780 levels. It represents the 23.6% Fib retracement level of the last wave from the $8,020 low to $9,027 high. Moreover, there is a major bullish trend line forming with support near $8,650 on the 4-hour chart of the BTC/USD pair.
If there is a downside break below the trend line, the price could test $8,500. The 50% Fib retracement level of the last wave from the $8,020 low to $9,027 high is also near the $8,520 level. On the upside, an immediate resistance is near the $9,080 and $9,100 levels. If there is an upside break above $9,100, the price could surge further higher in the coming sessions.
The next target for the bulls could be near the $9,500 level. However, there are high chances of more gains and the price might even rally towards the $10,000 level in the near term. Looking at the chart, bitcoin price seems to be trading with a strong bullish momentum above $8,500 and $8,800. Therefore, there are high chances of more upsides above the $9,100 and $9,500 levels. On the downside, the $8,800 and $8,500 levels are likely to act as major supports for the bulls.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the overbought zone, with no bearish sign.
Major Support Level – $8,500
Major Resistance Level – $9,500Bitcoin (BTC) Price Breaks $9k: Next Possible Target $10K, NewsBTC, Jun 16