Bitcoin (BTC) Price Smashes Resistance: Bulls Target Fresh High

  • Bitcoin price began to rise sharply over $ 7,800 and $ 8,000 against US dollars.
  • The price achieved traction and even traded close to $ 8,200 resistance area.
  • This week, an important downtime channel was broken near $ 7,960 on the hourly chart of the BTC / USD pair (data entry from Kraken).
  • The couple is currently forming a triangular pattern, and it can continue higher than $ 8,150 and $ 8,200.

Bitcoin price jumped back to a positive zone over $ 7,800 against US dollars. BTC is currently a bullish pattern and can continue to rise to $ 8,300 and 8,500 in the short term.

Bitcoin Price Analysis

Recently, we saw a strong jump in bitcoin price from $ 7,475 swing low against US dollars. The BTC / USD pair increased higher and broke many obstacles near $ 7,700 and $ 7,800. There was another break over the $ 8,000 level and the 1[ads1]00-hour simple moving average. It appears that the bulls are back in action, and the price completed a downside correction near the $ 7500 support area. This also suggests that there are chances for multiple winnings above the $ 8,200 level. The couple spiked against the $ 8 200 level and formed an intraday high of $ 8,180. The price today is consolidation gains over $ 8,000. Furthermore, it trades below the $ 8,100 level and the 23.6% Fib retracement level of upward flow from $ 7,475 low to $ 8,180 high. However, the broken resistance near $ 7,960 and the $ 8,000 level is currently working as a strong support.

In addition, the pair currently forms a triangle pattern with resistance close to $ 8,050 on the same chart. Therefore, if the pair removes the triangle resistance and rises above $ 8,100, there may be good gains in the upcoming sessions. The next key resistance area is close to $ 8,200 and $ 8,300 levels. Over these, the price is likely to change to a new 2019 high.

 Bitcoin Price Analysis BTC Chart

Based on the chart, the bitcoin price jumped clearly back to a positive zone over $ 7,800. There are currently consolidation gains over $ 8,000 level and the 100 hour SMA. If there is a disadvantage during the 100-hour SMA, the price can be adjusted lower to the $ 7,710 level. Below $ 7,710, the next key support is near the $ 7,650 level.

Technical Indicators:

Monthly MACD – MACD is currently in a bearish zone, but it can move back into the bullish zone.

Hourly RSI (Relative Strength Index) – BTC / USD RSI holds the main 50 level, with a few positive signs.

Larger support levels – $ 7,800 followed by $ 7,710.

Large Resistance Levels – $ 8,050, $ 8,200 and $ 8,300.

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