Bitcoin (BTC) Price Rallies 10%: Bulls Remain In Driver’s Seat
- Bitcoin price gained a strong bullish momentum and broke the key $8,300 resistance against the US Dollar.
- The price surged more than 10% and broke the $8,500 and $8,800 resistance levels.
- There was a break above a major triangle resistance near $8,020 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair traded close to the $9,000 level and it is currently correcting lower towards key supports.
Bitcoin price rallied significantly after it broke $8,300 against the US Dollar. BTC is currently correcting gains, but it is likely to find support near $8,600 or $8,500.
Bitcoin Price Analysis
After forming a support base above the $7,800 and $7,900 levels, bitcoin price rallied significantly against the US Dollar. The BTC/USD pair surged above key resistance near $8,000 and $8,200 to move into a bullish zone. Moreover, there was a close above the $8,200 resistance and the 100 hourly simple moving average. It opened the doors for more gains above the $8,400 and $8,500 resistance levels.
During the rise, there was a break above a major triangle resistance near $8,020 on the hourly chart of the BTC/USD pair. The pair gained traction and traded towards the $9,000 barrier. A new 2019 high was formed at $8,955 and the price is currently correcting lower. It is testing the 23.6% Fib retracement level of the upward move from the $7,912 low to $8,955 high. If it extends the correction, it is likely to find a strong support near the $8,600 level. Below $8,600, the main supports are $8,500 and $8,440.
Besides, the 50% Fib retracement level of the upward move from the $7,912 low to $8,955 high is near the $8,435 level to hold losses. If there is an extended decline, the price could find bids near the $8,300 level. The stated $8,300 level was a resistance earlier and now it is likely to act as major buy zone.
Looking at the chart, bitcoin price clearly made a nice upward move above the $8,300 and $8,500 resistances. It almost tested the $9,000 level and currently correcting gains. However, there are many supports on the downside near the $8,600 and $8,500. On the upside, an initial resistance is near the $8,800 level, followed by $8,850. The main hurdle is near the $9,000 level, above which the bulls could aim the $9,280 and $9,500 levels in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is currently showing a lot of positive signs in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower towards the 70 level.
Major Support Levels – $8,600 followed by $8,500.
Major Resistance Levels – $8,800, $8,900 and $9,000.
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via https://www.ohnocrypto.com/ Aayush Jindal, Khareem Sudlow