Bitcoin price is currently rising and trading nicely above the ,000 resistance against the US Dollar.The price gained pace above the ,150 level and the 55 simple moving average (4-hours).There was a break above a major bearish trend line with resistance near ,340 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair remains well bid and it is likely to continue higher towards the ,800 level.Bitcoin price is trading in a nice uptrend above ,000 against the US Dollar. BTC could continue to rise towards ,800 and ,000 in the near term.Bitcoin Price AnalysisIn the past few days, bitcoin price gained bullish momentum from the ,200 support area against the US Dollar. As a result, BTC broke the key ,500 resistance and the 55 simple moving average
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- Bitcoin price is currently rising and trading nicely above the $8,000 resistance against the US Dollar.
- The price gained pace above the $8,150 level and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $7,340 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair remains well bid and it is likely to continue higher towards the $8,800 level.
Bitcoin price is trading in a nice uptrend above $8,000 against the US Dollar. BTC could continue to rise towards $8,800 and $9,000 in the near term.
Bitcoin Price Analysis
In the past few days, bitcoin price gained bullish momentum from the $7,200 support area against the US Dollar. As a result, BTC broke the key $7,500 resistance and the 55 simple moving average (4-hours).
Moreover, there was a break above a major bearish trend line with resistance near $7,340 on the 4-hours chart of the BTC/USD pair. It opened the doors for more gains above the $8,000 resistance area.
Finally, the price rallied above $8,200 and traded to a new 2020 high at $8,482. It is currently correcting lower below the $8,400 level. Besides, it is testing the 23.6% Fib retracement level of the upward wave from the $7,733 low to $8,482 high.
If there is a downside extension, bitcoin price could correct lower towards the $8,100 support level. It represents the 50% Fib retracement level of the upward wave from the $7,733 low to $8,482 high.
The main support is near the $7,800 level (the recent breakout zone). Therefore, a major downside correction below $8,200 might find support near the $7,800 level.
On the upside, the first key resistance is near the $8,480 level. If there is an upside break above the recent high, the price is likely to accelerate above $8,500 and $8,600.
The next major resistance is near the $8,800 level, above which the bulls are likely to aim a test of the key $9,000 resistance area in the near term.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading in an uptrend above the $7,800 and $8,000 levels. As long as there is no close below the $7,800 support, there are chances of a fresh increase above the $8,500 level in the coming sessions.
Technical indicators
4 hour MACD – The MACD is currently showing a lot of positive signs in the bullish zone.
4 hour RSI (Relative Strength Index) – The RSI is currently in the overbought zone above 75.
Key Support Levels – $8,100 and $7,800.
Key Resistance Levels – $8,480, $8,800 and $9,000.