2020-1-12 09:00 |
Bitcoin is trading back in an uptrend above the $7,800 and $7,700 support levels against the US Dollar. BTC could start another strong uptrend if it settles above $8,200. After a downside correction, bitcoin price found support near $7,700 against the US Dollar. The price is currently rising, but it is facing hurdles near $8,200 on the upside. There is a key breakout pattern forming with resistance near $8,160 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The price is likely to rally if it climbs above $8,160 and successfully settles above the $8,200 barrier. Bitcoin Could Rally Soon This past week, bitcoin started a downside correction from the $8,473 high against the US Dollar. BTC price declined below the $8,200 and $8,000 support levels. However, the $7,700 and $7,600 levels acted as a strong support. Moreover, the price stayed well above $8,500 and the 100 simple moving average (4-hours). A swing low is formed near $7,659 and bitcoin price is currently trading higher. There was a break above the 50% Fib retracement level of the downward move from the $8,473 high to $7,659 low. The current wave is facing hurdles near the $8,200 resistance area. Bitcoin Price Besides, there is a key breakout pattern forming with resistance near $8,160 on the 4-hours chart of the BTC/USD pair. Finally, the 76.4% Fib retracement level of the downward move from the $8,473 high to $7,659 low is also near the $8,280 level. Therefore, a clear break above the $8,200 and $8,280 levels could set the pace for a fresh rally. In the mentioned bullish case, bitcoin price could surge towards $8,500 and $8,800. Main Buy Zones for BTC Conversely, there are chances of a downside break below the triangle support near $7,900 and $7,850. The main supports and buy zones are near $7,700 and $7,600. A successful close below the $7,600 support could start a substantial decline in the coming sessions. The next major support is near the 100 simple moving average (4-hours) at $7,530, below which the price is likely to drop towards the $7,000 level. Looking at the chart, bitcoin price is showing signs of a bullish break above the $8,200 resistance. The only thing holding it back is $8,280. A successful close above $8,280 could set the pace for a strong rise towards $8,500 and $8,800. Technical indicators 4 hours MACD – The MACD for BTC/USD is likely to gain bullish momentum. 4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level. Major Support Level – $7,600 Major Resistance Level – $8,280 The post appeared first on NewsBTC.
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