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- The price of bitcoin is a positive area and has just exceeded the level of $ 8,500 against the US dollar.
- The price is gaining momentum and it seems that it could even trade back to the $ 8,800 level.
- A major uptrend line is forming with support close to $ 8,500 on the hourly chart of the BTC / USD pair (data feed from Kraken).
- The pair could fall by a few points, but remains well above the pivot level of $ 8,460.
The price of bitcoin extended gains above the $ 8,500 resistance against the US dollar. BTC is showing a lot of bullish signs and could try to exceed $ 8,800 in the short term.
Bitcoin price analysis
Yesterday, we discussed the possibility that the price of bitcoin could reach $ 8,500 against the US dollar. The BTC / USD pair gained momentum above the $ 8,300 resistance and was above the single 100-hour moving average. He paved the way for further gains and the price exceeded the resistance levels of $ 8,400 and $ 8,500. In addition, the upward movement was strong, the price having even exceeded the level of $ 8,600.
There was a spike above the $ 8,700 level and the price hit a new monthly high of $ 8,741. He is currently correcting less than $ 8,700. In addition, it tests the Fib retracement level of 23.6% from the recent rebound, which went from the low of $ 8,184 to $ 8,741. On the other hand, there are many supports close to the levels of $ 8,600 and $ 8,700.
In addition, a major uptrend line is forming with support close to $ 8,500 on the hourly chart of the BTC / USD pair. The main support is close to the $ 8,460 level. This coincides with the 50% Fib retracement level of the recent rebound, which dropped from the low of $ 8,184 to $ 8,741. Therefore, if there is a break below $ 8,460, the price could retest the support area of $ 8,300.
On the upside, the initial resistance is around $ 8,740 and $ 8,750. If there is a break-up above $ 8,750, the price is expected to significantly exceed the $ 8,800 resistance zone. The next key resistance is close to the $ 9,000 level.
Looking at the chart, the price of bitcoin clearly gains bullish momentum above the $ 8,500 level. As a result, there are chances for more info above the levels of $ 8,750 and $ 8,800. In the short term, there could be a downward correction, but the $ 8,460 level could provide support. The main support for the uptrend is now close to $ 8,300 in the short term.
Technical indicators:
Hourly MACD – The MACD is currently reducing its bullish slope, with some negative signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is being corrected from the overbought zone.
Key levels of support – $ 8,500 followed by $ 8,460.
Main resistance levels – $ 8,750, $ 8,800 and $ 9,000.
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