Key Points
- Bitcoin price made a nice upside move above the $7,600 and $8,000 resistances against the US Dollar.
- There is a crucial bullish trend line in place with support at $7,950 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair is placed nicely in a bullish trend above the $8,000 and $7,700 support levels.
Bitcoin price completed a correction wave near $7,800 against the US Dollar. BTC/USD is resuming its upside move and it could break the $8,500 high to test $9,000.
Bitcoin Price Supports
This past week, there was a nice upside move as bitcoin price broke the $7,600 and $7,700 resistance levels against the US Dollar. The BTC/USD pair even broke the $8,000 resistance and traded as high as $8,500. Later, the price started a downside correction and moved below the $8,000 level. There was a break below the 23.6% Fib retracement level of the last leg from the $7,206 low to $8,500 high.
However, the decline was protected by the $7,800 support area. More importantly, a crucial bullish trend line with current support at $7,950 also provided support on the 4-hours chart of the BTC/USD pair. Finally, there was a rejection near the 50% Fib retracement level of the last leg from the $7,206 low to $8,500 high. As a result, the price bounced back and moved above the $8,000 resistance. Additionally, bitcoin buyers succeeded in clearing a bearish trend line with resistance at $8,150. These all are positive signs and indicates that the price is placed in a bullish trend above the $7,900 and $7,700 support levels.
Looking at the chart, the price may perhaps dip back towards the trend line and the $7,900 support. Later, it is likely to bounce back and break the $8,500 swing high. Above this, the next target for buyers could be near the $9,000 level.
Looking at the technical indicators:
4-hours MACD – The MACD for BTC/USD is about to move back in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently above the 50 level.
Major Support Level – $7,900
Major Resistance Level – $8,500
Author: Aayush Jindal
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