Bitcoin impending rally will propel it to $9,000, says Fundstrat technical analyst

  • “We expect Bitcoin to stage another rally from current levels toward next resistance,” Sluymer.
  • BTC/USD correction towards $9,000 signaled by the RSI.

Bitcoin surged briefly yesterday towards $8,300 after breaking key resistance at $8,000 and $8,100 as reported by FXStreet. According to the chief technician at Fundstrat, Rob Sluymer the recent performance of Bitcoin has open the way for another boost that could send the price to the levels around $9,000. Moreover, according to reports by Bloomberg, most of the altcoins whose price is correlated with Bitcoin price actions will follow in the footsteps.

Sluymer has come out saying that there is “early evidence” for a potential rally with the indication from the Relative Strength Index (RSI) signals.

“We expect Bitcoin to stage another rally from current levels toward next resistance between $8,800-$9,000.”

Meanwhile, Bitcoin is trading at $8,120 after correcting from the new weekly highs around $8,275. Short-term support has been established at $8,100 with the 50 SMA offering support at $8,000 while the 100 SMA at $7,919. Bitcoin needs to correct above $8,200 and clear $8,300 in order to reignite the momentum towards $9,000.

BTC/USD 1-hour chart

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