Crypto Analysts Say Bitcoin Needs to Break the Key Resistance of $9500 to Start Another Bull Rally
"Support level of $9k is not enough"
The world’s leading digital asset is looking for a bullish rally. The leading coin needs some kind of direction to turn itself bullish again. Recently, the price value of Bitcoin managed to break above the $9000 level which is a key support level for Bitcoin.
However, the crypto analysts believe that the key support level of $9k is not enough to start a bullish rally. Bitcoin will have to break the resistance of $9500 if it wants to enter into the bullish zone. According to them, the key level that can help bitcoin to trade in a five-digit mark is $9500.
Josh Rager says breaking above $9.5k will be the key for bullish continuation
The crypto analyst Josh Rager says that the resistance of $9500 has been a strong resistance level since June 2019. He believes that breaking above this resistance will be the key to the bullish continuation.
He says that any bitcoin trade will be considered as the short-term trade until the leading asset breaks above the $9500 level.
Any long trade is a short term trade until Bitcoin can break and hold above the $9500s
$9400s to $9500s has played a important S/R level since June 2019 – breaking above this level will be key for bullish continuation
My take profit targets start near $9400 pic.twitter.com/zjjXoaBrQA
— Josh Rager 📈 (@Josh_Rager) March 7, 2020
The $9500 level will invalidate the bearish trend
Another crypto analyst and Twitter user, CryptoCred also sees the $9500 level as an important resistance for Bitcoin. He says that the bearish trend will get invalidated as soon as the leading coin breaks above the $9.5k level.
According to CryptoCred:
“$BTC – Retesting monthly resistance after a weak monthly close. We’re close to bearish invalidation ($9500s reclaim) therefore a good area to do business. My preferred entry would be a deep spike through yesterday’s high (early sellers’ stops) which closes at/below grey box.”
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Bitcoin will not turn bullish as long as it is under $9500 says, Jan Le
The crypto analyst Jan Le says that Bitcoin is not going to turn bullish as long as it is trading below the $9500 level. However, Jan Le says that if Bitcoin goes above $9250 then the next target for the coin is $9475.
#btc bounced near 9200. If it can stay above 9250, next target is 9475. As long as it stays under 9500, I'm not bullish yet. pic.twitter.com/fpNcKfSRX1
— Jan Le (@jangirl5m) March 7, 2020
So, looking at what crypto analysts have said, it seems that the resistance level of $9500 is the key factor for Bitcoin to begin a bullish rally. However, Bitcoin will have to break several such resistances in order to reach its all-time high.
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