Bitcoin price formed a solid support near the $9,200 level and recently recovered against the US Dollar.

The price is trading nicely above $9,500 and it recently tested the $9,770 level.

There is a short term contracting triangle forming with resistance near $9,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The price is likely to continue higher once it clears the $9,750 and $9,800 resistance levels.

In the past few hours, bitcoin price recovered above $9,500 against the US Dollar. BTC price is showing positive signs and it could continue to rise towards $10,000 and $10,200.

Bitcoin Price Analysis

Yesterday, we saw a solid support forming for bitcoin price near the $9,150 and $9,200 levels against the US Dollar. As a result, the BTC/USD pair started a decent upside correction above the $9,300 and $9,320 resistance levels. Moreover, there was a successful break above the $9,500 resistance level and the 100 hourly simple moving average. Besides, there were positives moves in Ethereum and ripple as well.

During the rise, BTC price climbed above yesterday’s highlighted connecting bearish trend line with resistance near $9,470 on the hourly chart. It opened the doors for more gains above $9,500 and $9,600. Finally, the price broke the $9,700 level and a new intraday high was formed at $9,767. Recently, the price corrected gains below the $9,600 level plus the 50% Fib retracement level of the upward move from the $9,182 low to $9,767 high.

However, the decline was protected by the $9,525 area and the 100 hourly SMA. Additionally, the 61.8% Fib retracement level of the upward move from the $9,182 low to $9,767 high acted as a support. At the outset, there is a short term contracting triangle forming with resistance near $9,750 on the same chart. If bitcoin price climbs above the $9,750 and $9,770 levels, there could be more gains above $9,800.

The next immediate resistance is near the $9,940 level, above which the price is likely to surpass $10,000. The main resistance on the upside is near the $10,200 level. Conversely, if there is a downside break below the $9,525 support and the 100 hourly SMA, the price could retest the $9,200 support area.

In the past few hours, bitcoin price recovered above $9,500 against the US Dollar. BTC price is showing positive signs and it could continue to rise towards $10,000 and $10,200.

Looking at the chart, bitcoin price is showing a few positive signs above the $9,500 level. However, the bulls might struggle to clear the $9,770 and $9,800 level. If they succeed, the price could revisit the $10,200 resistance.

Technical indicators:

Hourly MACD – The MACD is slowly reducing its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving higher and is well above 55.

Major Support Levels – $9,525 followed by $9,400.

Major Resistance Levels – $9,770, $9,940 and $10,200.