Key Points
- Bitcoin price gained momentum and broke a key resistance at $8,000 against the US Dollar.
- There is a key connecting bullish trend line in place with support at $7,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might correct a few points, but it remains in an uptrend towards $8,500.
Bitcoin price is climbing higher above $7,800 against the US Dollar. BTC/USD broke the $8,000 resistance and it looks set for more upsides in the near term.
Bitcoin Price Analysis
Yesterday, we discussed that Bitcoin price could climb above the $8,000 resistance against the US Dollar. The BTC/USD pair did gain momentum above the $7,800 resistance and traded above the $8,000 resistance. A high was formed at $8,028 and the price is currently consolidating gains. An initial support on the downside is near the 23.6% Fib retracement level of the last wave from the $7,327 low to $8,027 high.
More importantly, there is a key connecting bullish trend line in place with support at $7,850 on the hourly chart of the BTC/USD pair. Should there be a break below the trend line support, the price may trade towards the $7,770 support. The 50% Fib retracement level of the last wave from the $7,327 low to $8,027 high is also positioned near the $7,680 level. Therefore, if the price corrects lower, it is likely to find many supports like $7,850, $7,800, $7,700 and $7,680. Below this, the most important support is at $7,580 (the previous resistance).
Looking at the chart, the price is showing many bullish signs above $7,850. It is likely to accelerate gains above the $8,000 level. The next resistances are near the $8,200 and $8,500 levels.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is placed heavily in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is near the overbought levels with hardly any sign of a downside move.
Major Support Level – $7,850
Major Resistance Level – $8,500
Please let me know if you’re looking for a article author for your site. You have some really great articles and I think I would be a good asset. If you ever want to take some of the load off, I’d love to write some articles for your blog in exchange for a link back to mine. Please shoot me an email if interested. Thank you!
[ AD ] 臉垂方知緊實好～現在就用DIOR迪奧凍妍新肌系列的凍妍新肌抗氧霜跟凍妍新肌澎潤精華為自己訂製100的匿齡保養 @ 潮流、美妝、消費 創造個人化風格的女性社群 PIXstyleMe [ AD ] 臉垂方知緊實好～現在就用DIOR迪奧凍妍新肌系列的凍妍新肌抗氧霜跟凍妍新肌澎潤精華為自己訂製100的匿齡保養
The 33-year-old Czech international won Monday’s poll of players, coaches, football federation officials and journalists for a record eighth time overall. Arsenal keeper Petr Cech voted Czech Republic player of the year for eighth time after impressing at the Emirates