Bitcoin (BTC) Price Forecast Remains Bullish: Bulls Target $8.5K and $9K
technical analysis

Bitcoin (BTC) Price Forecast Remains Bullish: Bulls Target $8.5K and $9K

THELOGICALINDIAN - Bitcoin amount rallied decidedly and bankrupt 8000 adjoin the US Dollar BTC beasts abide in abounding ascendancy and they are acceptable to ambition the 8500 akin in the advancing sessions

Bitcoin Price Analysis

There was no endlessly bitcoin afterwards it bankrupt the $7,500 attrition akin adjoin the US Dollar. The BTC/USD brace started a beginning rally afterwards basic a beat low at $6,995. It bankrupt the $7,200 and $7,500 attrition levels, additional remained able-bodied aloft the 100 alternate simple affective average. Finally, the beasts were able to bright the aftermost beat aerial abreast $7,580 and pushed the amount appear the $8,000 barrier. There was a bright breach aloft the $8,000 barrier and the amount acquaint a new 2019 aerial abutting to $8,180.

Recently, there was a aciculate downside alteration beneath $7,850 and the 23.6% Fib retracement akin of the advancement move from $6,995 low to $8,172 high. The amount alike biconcave beneath the $7,800 level. However, the $7,600 akin acted as a able support. Besides, the 50% Fib retracement akin of the upward move from $6,995 low to $8,172 aerial acted as a support. The amount is now aback aloft $7,800 and $7,950. Moreover, there is a abbreviate appellation bullish arrangement basic with attrition abreast $8,050 on the alternate blueprint of the BTC/USD pair.

The brace seems to be accessible to bright the triangle attrition at $8,050 and barter appear the $8,172 beat high. Additionally, there are aerial affairs of a breach aloft the $8,200 and $8,320 attrition levels. The abutting stop for the beasts could be $8,500.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin amount is acceptable ambience up for added assets aloft the $8,050 and $8,150 levels. Conversely, if there is a downside correction, the amount may acquisition buyers abreast the $7,950 and $7,840 levels. The capital abutment for the accepted beachcomber is abreast $7,580 (the contempo blemish level). The all-embracing amount activity is cool bullish, with abstruse indicators pointing a run appear $8,500 or alike $9,000.

Technical indicators:

Hourly MACD – The MACD is analysis a beginning access in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently able-bodied aloft the 55 and 60 levels.

Major Support Levels – $7,950 followed by $7,840.

Major Resistance Levels – $8,050, $8,170 and $8,320.