Bitcoin Price Analysis: BTC/USD Signaling Bullish Continuation To $10,600

Bitcoin price started an upside correction after forming a support base near $9,550. BTC to USD is consolidating gains and it could continue to rise towards $10,600.

• After trading as low as $9,534, bitcoin price started an upside correction above $9,750.
• BTC/USD broke a key bearish trend line with resistance near $9,980 on the 30-minute chart.
• The price is currently consolidating above $10,000 and likely preparing for more upsides.

Bitcoin Price Analysis (BTC to USD)

This week, bitcoin price extended its decline below the $10,500 and $10,000 support levels. BTC/USD even broke the $9,750 support level and traded towards the $9,500 level. However, the $9,530-9,550 area acted as a decent support and the bulls were able to start an upside correction in the past three sessions.

Click to Enlarge Chart

Looking at the 30-minute chart of BTC/USD, the pair traded as low as $9,534 and recently corrected above the $9,750 and $9,880 resistance levels. Moreover, there was a break above the $10,000 resistance and the 25 simple moving average (30-minute).

The price even surpassed a key bearish trend line with resistance near $9,980 on the same chart. Finally, there was a break above the $10,120 resistance and the price traded as high as $10,190 recently.

It is currently consolidating losses above the $10,000 support plus the 23.6% Fib retracement level of the recent wave from the $9,534 low to $10,190 high.

Additionally, it seems like bitcoin price is forming a bullish continuation pattern with resistance near $10,100. If there is an upside break above $10,100 and $10,190, the price could continue to rise towards the $10,400 and $10,600 levels.

If there is a downside correction, the broken trend line and the $9,950 level might act as an immediate support. However, the main support is near the $9,900 level (the previous resistance zone).

The current price action is positive, suggesting more upsides above the $10,100 and $10,200 levels. Only a successful break below $9,900 and $9,800 might push bitcoin price back in a bearish zone. The next key support is near the $9,550 area.

The market data is provided by TradingView, Bitfinex.