Analysis Bitcoin Price: BTC/USD Could Test $9,500

Bicoin Supports:

This past week, there was a nice upside move as bitcoin price broke the $7,600 and $7,700 resistance levels against the US Dollar. The BTC/USD pair even broke the $8,000 resistance and traded as high as $8,500. Later, the price started a downside correction and moved below the $8,000 level. There was a break below the 23.6% Fib retracement level of the last leg from the $7,206 low to $8,500 high.

However, the decline was protected by the $7,800 support area. More importantly, a crucial bullish trend line with current support at $7,950 also provided support on the 4-hours chart of the BTC/USD pair. Finally, there was a rejection near the 50% Fib retracement level of the last leg from the $7,206 low to $8,500 high. As a result, the price bounced back and moved above the $8,000 resistance. Additionally, bitcoin buyers succeeded in clearing a bearish trend line with resistance at $8,150. These all are positive signs and indicates that the price is placed in a bullish trend above the $7,900 and $7,700 support levels.

Key Points

 Bitcoin price made a nice upside move above the $7,600 and $8,000 resistances against the US Dollar.
 There is a crucial bullish trend line in place with support at $7,950 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
 The pair is placed nicely in a bullish trend above the $8,000 and $7,700 support levels.
Bitcoin price completed a correction wave near $7,800 against the US Dollar. BTC/USD is resuming its upside move and it could break the $8,500 high to test $9,500.