Presence of Critical Breakout Explains The BTC Sharp Recovery
BTC/USD price kept above the $9,350 support. Although the price is currently recovering, it needs to push past $9,825 to initiate a substantial upside.
After closing below $9.5k, the price moved further beneath the $9.4k level. However, it later stabilized over the $9,340 and $9,350 marks, forming a swing low close to $9,344 before heading into recovery.
Again, studying the pair’s hourly chart shows a surge over a contracting triangle whose barrier is about $9,665. Presently, the pair has settled above the $9.7k mark. That said, its upsurge faces several major barriers.
The first barrier sits near $9,825 and the 100 hourly SMA. Therefore, it follows that if the price surges past the $9,825 barrier and the 100 hourly SMA, it could initiate a larger move to the upside in the short term.
The closest key barrier is nearer to $10,060, and any move over it could shift the focus to surging past the $10.3k swing high. Further gains may catapult the price to the $10.5k barrier.
Moreover, we could experience a decline if the pair fails to keep up its uptrend over the $ 9.825k barrier and the 100 hourly SMA. At that point, the first support is adjacent to $9,620.
The first major support is close to $9.5k. As such, any move below it could see the pair retest the $9,350 support zone. A move below the $9,350 support level could cause the price towards $9,050.