Bitcoin (BTC) Price Eyeing Another Leg Higher To $8,500
technical analysis

Bitcoin (BTC) Price Eyeing Another Leg Higher To $8,500

THELOGICALINDIAN - Bitcoin amount is attempting addition advancement move aloft 8300 adjoin the US Dollar It seems like BTC amount could anon revisit the key 8400 and 8500 attrition levels

Bitcoin Price Analysis

Recently, we saw an upside break aloft the $8,100 and $8,200 resistances in bitcoin adjoin the US Dollar. BTC amount alike acclimatized aloft $8,100 and the 100 alternate simple affective average.

It opened the doors for added assets and the amount afresh acicular aloft $8,300. However, the amount bootless to break aloft the $8,300 axis akin and akin best its gains. The aftermost beat aerial was abreast $8,388 afore the amount beneath beneath $8,300.

Moreover, there was a breach beneath the 23.6% Fib retracement akin of the advancement move from the $7,885 low to $8,388 high. Finally, the amount acicular beneath the $8,200 abutment area, but it remained abiding aloft the $8,100 abutment area.

It seems like the 50% Fib retracement akin of the advancement move from the $7,885 low to $8,388 aerial acted as a able abutment for bitcoin. More importantly, there is a abbreviate appellation crumbling approach or bullish banderole arrangement basic with attrition abreast $8,255 on the alternate blueprint of the BTC/USD pair.

On the upside, an actual attrition is abreast the $8,260 and $8,280 levels. The main resistance is abreast the $8,300 level, aloft which the amount could ascend steadily appear the $8,400 attrition area.

Should there be an upside breach aloft $8,400, the amount may conceivably analysis the account attrition breadth abreast $8,500. On the downside, the $8,150 and $8,100 levels are important. If there is a bearish breach beneath the $8,100 support, the amount could analysis the $8,050 akin and the 100 alternate SMA.

Looking at the chart, bitcoin is assuming a few absolute signs aloft the $8,100 and $8,150 levels. Having said that, a acknowledged abutting aloft $8,300 is charge for the beasts to accretion momentum. If they accretion traction, there are aerial affairs of a appropriate beachcomber appear the $8,500 resistance.

Technical indicators:

Hourly MACD – The MACD is boring affective into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently able-bodied aloft the 50 level.

Major Support Levels – $8,150 followed by $8,100.

Major Resistance Levels – $8,280, $8,300 and $8,400.