Bitcoin price started a fresh increase and traded above the ,655 resistance against the US Dollar.It is currently preparing for a sharp rally above the ,000 resistance area.There was a break above a key ascending channel with resistance near ,820 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair could correct in the short term, but it is likely to find support near ,655.Bitcoin price is gaining bullish momentum above ,655 and ,700 against the US Dollar. BTC is likely to accelerate higher once it clears the ,000 resistance.Bitcoin Price AnalysisIn the past few days, bitcoin price followed a steady uptrend and climbed above the ,400 pivot zone against the US Dollar. BTC even broke the key ,500 resistance level to move further into a positive
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- Bitcoin price started a fresh increase and traded above the $7,655 resistance against the US Dollar.
- It is currently preparing for a sharp rally above the $8,000 resistance area.
- There was a break above a key ascending channel with resistance near $7,820 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could correct in the short term, but it is likely to find support near $7,655.
Bitcoin price is gaining bullish momentum above $7,655 and $7,700 against the US Dollar. BTC is likely to accelerate higher once it clears the $8,000 resistance.
Bitcoin Price Analysis
In the past few days, bitcoin price followed a steady uptrend and climbed above the $7,400 pivot zone against the US Dollar. BTC even broke the key $7,500 resistance level to move further into a positive zone.
Moreover, there was a close above the $7,655 resistance and the 55 simple moving average (4-hours). It opened the doors for more gains above the $7,600 and $7,700 levels.
Recently, there was a break above a key ascending channel with resistance near $7,820 on the 4-hours chart of the BTC/USD pair. The pair is now trading above the $7,800 resistance and it looks set for a larger rally.
An initial resistance is near the $8,000 level, above which bitcoin price is likely to rally significantly. In the mentioned case, the price could test the $8,400 and $8,500 resistance levels. Any further gains may perhaps call for a test of $8,800.
On the downside, an initial support is near the broken contracting triangle at $7,800. It is also close to the 23.6% Fib retracement level of the recent rise from the $7,495 swing low to $7,884 high.
The first major support is near the $7,680 level or the 50% Fib retracement level of the recent rise from the $7,495 swing low to $7,884 high.
The main support is near the $7,655 level, below which there is a risk of a substantial decline. The next major support below $7,655 is seen near the $7,400 level or the 55 simple moving average (4-hours).
Bitcoin Price
Looking at the chart, bitcoin price is clearly showing a lot of bullish signs above the $7,655 and $7,800 levels. Therefore, there are high chances of a strong rise above the $8,000 level unless it dives below $7,655.
Technical indicators
4 hours MACD – The MACD is now gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is currently well above the 60 level.
Key Support Levels – $7,655 and $7,400.
Key Resistance Levels – $8,000, $8,400 and $8,500.