Bitcoin is consolidating above the $9,100 level against the US Dollar. BTC could start a strong increase towards $9,500 as long as it is above the 100 hourly SMA.
Bitcoin is currently trading in a contracting range below the $9,300 resistance. The price is holding the $9,000 support and trading above the 100 hourly simple moving average. There is a crucial contracting triangle forming with resistance near $9,160 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could either rally above $9,200 or it might start a fresh decline below $9,000. Bitcoin Price is Approaching Next Break
In the past few sessions, bitcoin remained well bid above the $9,000 support against the US Dollar. BTC also settled above the $9,100 level and the 100 hourly simple moving average.
However, the bulls are facing a few important hurdles near $9,200, $9,300 and $9,320. The recent high was formed near $9,225 before the price starting a