Bitcoin market overview: BTC/USD climbs above $9,300 hinting possible gains

  • Bitcoin extends gains above $9,300 ignoring the consolidation and low trading activity across the market.
  • Bitcoin will most likely form a higher support pattern and sustain the minor gains above $9,300.

Bitcoin recent declines following the second attempt at breaking above $9,400 tested the short-term support at $9,200. In the process, a bullish flag pattern formed on Thursday. A breakout from the pattern is pushing the broken uptrend in continuation. BTC/USD has stepped above $9,300 and is currently trading at $9,316 representing a 0.5% rise in value on the day.

Looking at the technical levels, Bitcoin recovery will be shallow. Besides, correction to $9,400 remains unlikely as the Relative Strength Index (RSI) retreats from the overbought due to exhausted bulls. However, Bitcoin will most likely form a higher support pattern and sustain the trend above $9,300.

On the downside, the 50 Simple Moving Average (SMA) will offer support at $9,289. The resistance turn support at $9,250 will come in handy to halt declines. Traders need to stay alert as declines under $9,200 are likely to test the next support at $9,050. The primary support for BTC/USD in short-term is $98,950.

BTC/USD 15-mins chart

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