[ad_1]
- The price of bitcoins began to rise sharply above the resistance of $ 7,800 and $ 8,000 against the US dollar.
- The prize gained ground and even traded near the $ 8,200 resistance zone.
- The important declining channel followed this week reached nearly $ 7,960 on the hourly chart of the BTC / USD pair (Kraken data feed).
- The pair is currently forming a triangle pattern and could continue to exceed $ 8,150 and $ 8,200.
The price of bitcoin returned in a positive zone above US $ 7,800 against the US dollar. BTC is forming an uptrend and could continue to reach $ 8,300 to $ 8,500 in the short term.
Bitcoin price badysis
Recently, we have seen a sharp rise in bitcoin prices from the low of $ 7,475 against the US dollar. The BTC / USD pair has soared and crossed many hurdles between $ 7,700 and $ 7,800. There was even a break above the $ 8,000 level and the 100-hour moving average. It looks like the bulls are back in action and the price has completed a bearish correction near the $ 7,500 support zone. It also suggests that there are chances of other earnings exceeding the $ 8,200 level.
Recently, the important downward channel followed by this week reached nearly $ 7,960 on the hourly chart of the BTC / USD pair. The pair reached the $ 8,200 level and reached an intraday high of $ 8,180. The price currently consolidates earnings above $ 8,000. In addition, it traded below the $ 8,100 level and the Fib retracement level of 23.6% bullish movement from a low of $ 7,475 to a high of $ 8,180. However, the broken resistance of $ 7,960 and $ 8,000 is currently an important support.
In addition, the pair is currently forming a triangle pattern with a resistance close to $ 8,050 on the same chart. Therefore, if the pair clears the resistance of the triangle and rises above $ 8,100, it could result in strong gains in future sessions. The next key resistances will be around the $ 8,200 and $ 8,300 levels. Above these values, the price is expected to reach a new high in 2019.
Looking at the chart, the price of bitcoin clearly returned in a positive zone above $ 7,800. It currently consolidates earnings above the $ 8,000 and ADM 100 hours level. If there is a break below the SMA at 100 hours, the price could be lower down to the $ 7,710 level. Below $ 7,710, the next key support is close to the $ 7,650 level.
Technical indicators:
Hourly MACD – The MACD is currently in the downtrend, but could return to the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD holds the top 50, with some positive signs.
Key levels of support – $ 7,800 followed by $ 7,710.
Main resistance levels – $ 8,050, $ 8,200 and $ 8,300.
Source link
