Bitcoin Price Analysis: BTC/USD Right On The Verge Of A Massive Breakout Targeting $9,400

Bitcoin

  • Bitcoin bulls have room for growth, especially if the support above $9,200 is reclaimed.
  • Technical levels start to align with Bitcoin’s surge towards the medium-term target at $9,400.

Bitcoin recently failed to sustain gains above the broken resistance at $9,600. Although the focus was on $10,000, the largest cryptocurrency by market capitalization only managed to brush shoulders with $9,624 (on Coinbase). Following the failed attempt are; declines that still give the bulls a hard time. Several support levels have been shuttered including at $9,500, $9,400, and $9,200.

On Wednesday, during the Asian session, Bitcoin barely managed to defend the short term support at $9,150. In the meantime, BTC is trading at $9,186 after growing 0.24% from its opening value of $9,162.

BTC/USD 2-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

Short Term Falling Wedge Pattern

In spite of the retracement, bulls have not lost balance entirely. First, they have been able to not only hold above $9,100 but also push for a shallow recovery towards $9,200 (short term resistance). Bitcoin is also trading above a short term falling wedge pattern. The resistance break is setting the ground for ongoing correction likely to rise above $9,200.

As long as Bitcoin stays above $9,200 (current bullish zone), the buyers will have a chance to gather the strength to push for gains in the direction of $9,400 (medium-term target). The 50-day SMA resistance at $9,287 must be cleared to cement the bulls’ control over the price. If the Elliot Wave Oscillator jumps into a new bullish session, that could signal increased buying power.

Bitcoin Key Levels

Spot rate: 9,181

Relative change: 18.50

Percentage change: 0.20%

Support: $9,150, $9,100 and $9,000.

Resistance: $9,200 and $9,400

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