Bitcoin Price (BTC) Primed For Lift-Off Towards $8,800
- Bitcoin price is holding the $8,200 support area with positive moves against the US Dollar.
- The price is likely to revisit the $8,500 resistance area and it might even surpass the stated level.
- There is a new connecting bullish trend line forming with support near $8,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price remains well supported on the downside and it could climb higher towards $8,800.
Bitcoin price is showing signs of an extended recovery above $8,500 against the US Dollar. BTC is likely to rise slowly unless it breaks the $8,000 support area.
Bitcoin Price Analysis
After bitcoin failed near the $8,500 resistance, there was a downside correction against the US Dollar. The BTC/USD traded below the $8,400 and $8,300 levels. Moreover, there was a break below the $8,200 level. However, the 100 hourly simple moving average acted as a support and a low was formed near $8,175. Recently, the price started a fresh increase and traded above the $8,300 level.
There was a break above the 50% Fib retracement level of the last decline from the $8,536 high to $8,175 low. The price climbed above the $8,350 level and tested the $8,400 resistance. It seems like the 61.8% Fib retracement level of the last decline from the $8,536 high to $8,175 low is currently acting as a resistance. If there is an upside break above $8,400, the price is likely to retest $8,500.
If the bulls manage to surpass the $8,500 barrier, there are chances of more upsides. The next stop for them could be near the $8,800 level. The next key resistance area is near the $9,000 level. On the downside, there is a decent support forming near the $8,250 and $8,200 levels. Moreover, there is a new connecting bullish trend line forming with support near $8,300 on the hourly chart of the BTC/USD pair.
If there is another decline, the trend line support or $8,250 might prevent losses. If the bulls fail to protect $8,250 and $8,200, the price may perhaps test the $8,000 support. Any further losses may perhaps push the price back into a bearish zone towards $7,500.
Looking at the chart, bitcoin is holding a couple of important supports near $8,200. As long as there is no downside break below $8,200, the price is likely to rise slowly towards the $8,500 resistance or even $8,800.
Technical indicators:
Hourly MACD – The MACD is currently in the bullish zone, with positive signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower towards 55 and 50.
Major Support Levels – $8,200 followed by $8,000.
Major Resistance Levels – $8,400, $8,500 and $8,800.
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Aayush Jindal, Khareem Sudlow