Bitcoin (BTC) Price Gaining Momentum: Break Above $8,500 Likely

  • Bitcoin price extended gains recently and broke the $ 8,100 and $ 8,200 resistances against the US Dollar.
  • The price seems to be setting up for more gains above the $ 8,300 resistance area.
  • There is a crucial bullish trend line forming with support near $ 8,140 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is placed nicely above the $ 8,100 pivot level and it seems like there could be more upsides.

Bitcoin price traded to a new weekly high above $ 8,300 against the US Dollar. BTC is showing a lot of positive signs and it could even rally towards the $ 8,500 resistance area.

Bitcoin Price Analysis

In the past few sessions, there was a steady rise in bitcoin price above the $ 8,000 barrier against the US Dollar. The BTC/USD pair gained bullish momentum above $ 8,150 and even broke the $ 8,200 level. Recently, the price broke the last swing high and traded above the $ 8,300 level. A new weekly high was formed at $ 8,344 before the price started a downside correction.

Still, the price is trading well above the $ 8,000 level and the 100 hourly simple moving average. It corrected below the $ 8,250 level and the 23.6% Fib retracement level of the recent leg from the $ 8,006 low to $ 8,344 high. However, the recent decline is finding bids near the $ 8,175 level. It represents the 50% Fib retracement level of the recent leg from the $ 8,006 low to $ 8,344 high.

On the downside, there are many supports near the $ 8,175 and $ 8,150 levels. Moreover, there is a crucial bullish trend line forming with support near $ 8,140 on the hourly chart of the BTC/USD pair. The trend line support coincides with the 61.8% Fib retracement level of the recent leg from the $ 8,006 low to $ 8,344 high.

Therefore, as long as the price is above the $ 8,140 level, it is likely to continue higher. On the upside, an initial resistance is near the $ 8,300 level, followed by the $ 8,344 high. If there is an upside break above $ 8,344, the price is likely to climb higher towards the $ 8,500 resistance area.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly trading in a positive zone above the $ 8,150 and $ 8,100 support levels. The main support is near $ 8,000, below which the price may perhaps move into a bearish zone. The current price action is positive, suggesting an upside break above the $ 8,300 and $ 8,350 levels in the near term.

Technical indicators:

Hourly MACD – The MACD is about to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving higher towards 60 and 65.

Major Support Levels – $ 8,150 followed by $ 8,100.

Major Resistance Levels – $ 8,300, $ 8,350 and $ 8,500.

Let’s block ads! (Why?)

Analysis – NewsBTC

Leave a Reply

Your email address will not be published. Required fields are marked *