Bitcoin technical analysis: Can BTC/USD surpass $9,000 by the end of this week?

BTC/USD daily chart

• After Thursday’s crash, BTC/USD found support on the $8,280 support line and bounced back up to $8,550.
• In the early hours of Saturday, BTC/USD is priced at $8,545.
• The market also finds support at the upward trending line and the 20-day simple moving average (SMA 20) curve.
• The price is trending above the SMA 200, SMA 50 and SMA 20 curves.
• The relative strength index (RSI) indicator is trending around 65.60.

BTC/USD 4-hour chart

• The 4-hour BTC/USD price is trending upwards in a channel formation.
• The 4-hour market found resistance at the SMA 20 curve.
• The price was trending below the lower curve of the 20-day Bollinger band, indicating that it was under-valued. The bulls eventually took the price back inside Bollinger band.
• The market found support on the $8,225 line.
• The signal line is looking to cross over the moving average convergence/divergence (MACD) line, which showed decreasing bearish momentum.

BTC/USD hourly chart

• The hourly BTC/USD price has been trending underneath the Ichimoku clouds.
• The green Ichimoku cloud acts as resistance to the hourly price.
• The hourly BTC/USD price is currently trending upwards in a channel formation.
• Immediate resistance on the upside lies at $8,600.
• The Elliot oscillator has 20 consecutive bullish sessions with increasing intensity.

Key levels