RATE Group | Bitcoin Breaking 100 SMA and $9,100 Could Spark Fresh Bull Run
88157
post-template-default,single,single-post,postid-88157,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin Breaking 100 SMA and $9,100 Could Spark Fresh Bull Run

13 May Bitcoin Breaking 100 SMA and $9,100 Could Spark Fresh Bull Run

Posted at 10:14h in Bitcoin News by

Bitcoin is currently consolidating above the $8,500 and $8,250 support levels against the US Dollar. BTC price seems to be setting up for a strong bull run above $9,000 and $9,100.

  • Bitcoin is trading in a crucial range above the $8,500 and $8,200 support levels.
  • The bulls need to clear the $9,000 and $9,100 hurdles to gain strength.
  • There was a break above a connecting bearish trend line with resistance near $8,920 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must settle above $9,100 to start a fresh bull run in the near term.

Bitcoin Could Surge Above $9,100

In the past few sessions, bitcoin price remained well bid above the $8,500 and $8,250 support levels against the US Dollar. BTC price traded as low as $8,203 and recently started a steady recovery wave.

It surpassed the $8,500 and $8,600 resistance levels. Besides, there was a break above the 23.6% Fib retracement level of the main drop from the $10,020 high to $8,203 low.

The upward move was such that…

Source link

Tags:
, , , , , , , ,