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- The price of bitcoin fell sharply after having exceeded the level of 9,000 USD against the US dollar.
- The price fell to US $ 8,600 and tested the key support area of US $ 8,000.
- There was a break below a major bullish trend line with support close to $ 8,540 on the 4 hour chart of the BTC / USD pair (Kraken data feed).
- The pair tested the $ 8,000 support zone ad that recently rebounded above $ 8,400 and $ 8,500.
The price of bitcoin has recovered sharply after falling sharply to US $ 8,000 against the US dollar. BTC is consolidating its gains and seems to be preparing for the next wave.
Bitcoin Price Weekly Analysis (BTC)
Last week, the price of bitcoin remained in a positive zone and exceeded US $ 8,800 against the US dollar. The BTC / USD pair even surpbaded the resistance level of 9,000 USD and hit a new high of 2019. A high swing was formed near $ 9,090, but the price failed to stay at above the $ 9,000 level. As a result, there was a sharp decline below support levels of $ 8,800 and $ 8,600.
In addition, a break below the major uptrend line was recorded, with support close to $ 8,540 on the 4-hour chart of the BTC / USD pair. The decline was strong, the price having even exceeded the level of $ 8,200. The price tested the key support area of $ 8,000 and the single 100 (4 hours) moving average. It seems that the simple moving average 100 (4 hours) was a significant support of nearly $ 8,000. The price rebounded above $ 8,400 and $ 8,500. There was a break above the Fib retracement level of 23.6% from the recent low of $ 9,093 to $ 7,990.
The price is even traded a few points above the $ 8,600 level. For the moment, the price is consolidating near the Fib retracement level of 50% from the recent low of $ 9,093 to $ 7,990. On the upside, the initial resistance is around $ 8,650. If there is a net break between $ 8,650 and $ 8,700, the price should pick up steam.
Looking at the chart, the price of bitcoin has clearly surpbaded the $ 8,500 level and is currently trading with a positive zone. If there is a break-up, the price could continue above $ 8,700. The next key resistance is around $ 8,880, and the Fib retracement level of 76.4% from the recent record low of $ 9,093 to $ 7,990. On the downside, the main support levels are around $ 8,500 and $ 8,400.
Technical indicators
4 hours MACD – The MACD for BTC / USD is slowly evolving in the bullish zone.
RSI (Relative Strength Index) over 4 hours – The RSI for BTC / USD is currently above level 50 and may rise as it rises.
Major Support Level – $ 8,400
Major resistance level – $ 8,700
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