Bitcoin (BTC) Price Hesitates But Fresh Rebound Seems Likely
- Bitcoin price is currently trading in a range below the $8,400 resistance area against the US Dollar.
- The price remains well supported on the downside near $8,200 and $8,150.
- There is a new breakout pattern forming with resistance near $8,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is likely to rebound above $8,400 and $8,460 as long as there is no daily close below $8,200.
Bitcoin price is trading in a range above the $8,200 support against the US Dollar. BTC needs to surpass the $8,400 and $8,460 resistance levels to start a fresh increase.
Bitcoin Price Analysis
In the past three sessions, there were mostly range moves in bitcoin below the $8,400 resistance against the US Dollar. Earlier, BTC price declined below the $8,200 support area and the 100 hourly simple moving average. A new weekly low was formed near $8,148 and recently the price started a decent upside correction. It broke the $8,200 and $8,300 levels to avoid any further losses.
Moreover, there was a break above the 50% Fib retracement level of the last slide from the $8,471 high to $8,148 swing low. The price even spiked above the $8,400 level and the 100 hourly simple moving average. However the upward move was capped and the bulls failed to gain momentum above $8,400. It seems like the 76.4% Fib retracement level of the last slide from the $8,471 high to $8,148 swing low acted as a strong resistance.
At the moment, the price is trading in a range below the $8,400 resistance area. Additionally, there is a new breakout pattern forming with resistance near $8,400 on the hourly chart of the BTC/USD pair. Above the triangle resistance, bitcoin price could face resistance near the $8,460 level. A successful close above $8,460 and a follow through above the $8,500 resistance might set the pace for a fresh increase in the near term.
On the downside, the triangle support is near the $8,280 level. If there is a downside break, the price could retest the main $8,200 support area. Should there be a daily close below the $8,200 support, the price may perhaps continue to slide towards the $8,000 and $7,800 support levels.
Looking at the chart, bitcoin seems to be setting up for the next break. There are high chances of a decent rebound above $8,400 as long as there is no daily close below $8,200.
Technical indicators:
Hourly MACD – The MACD is showing signs of ranging moves.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.
Major Support Levels – $8,200 followed by $8,150.
Major Resistance Levels – $8,400, $8,460 and $8,500.
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Aayush Jindal, Khareem Sudlow
