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Bitcoin shoots higher but where is the next resistance?

  • Bitcoin shoots higher leading in US trade and now trades 4.32% in the black.
  • The price is holding near the 9,600 resistance but for how long.
Bitcoin shoots higher but where is the next resistance?
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD Charts

As you can see from the daily chart below that the price has just shot higher but we are headed to a decent resistance zone.

The RSI is also in a very overbought position so beware if intraday pullbacks.

Bitcoin technicals

The daily chart below shows a nice move in the channel formation.

Even on the daily the resistance at 9,600 looks strong, while on the hourly above 9,568 needs to be taken out first.

If the price closes anywhere near these levels the BTC/USD daily chart will look very bullish, so lets see how the price reacts into the close.

Bitcoin daily technicals

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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