Here is a Critical Breakout Area for Bitcoin’s Sharp Recovery
BTC/USD was able to remain over the support zone at $9,350 support. At the moment, the price is recovering but needs to surge past $9,825 to experience a powerful move to the upside.
The price was able to close under $9.5k and moved further beneath $9.4k. Nevertheless, it was stable over $9,340 and $9,350. It formed a swing low close to $9,344 and it is now into recovery.
Further, a look at the hourly chart of the pair shows a surge over a contracting triangle with barrier close to $9,665. Currently, the pair is well over $9.7k, but several major barriers are ahead on the upside.
The initial barrier is close to $9,825 and the 100 hourly SMA. Hence, if the price surges past the barrier at $9,825 as well as the 100 hourly simple moving average, it might establish a larger move to the upside in the near term.
The immediate key barrier is close to $10,060 and a move over it could focus on surging past the $10.3k swing high. Any additional gains might take the price to the barrier at $10.5k.
The failure of the pair to keep up its uptrend over the barrier at $9,825 and the 100 hourly simple moving average might bring about another decline. The first support is close to $9,620.
The initial major support is close to $9.5k and a move under it could make the pair retest the $9,350 support zone. A move below $9,350 support could lead to $9,050.