Bitcoin (BTC) Price Hits First Target: Can Bulls Hit $8.8K or $9K?
technical analysis

Bitcoin (BTC) Price Hits First Target: Can Bulls Hit $8.8K or $9K?

THELOGICALINDIAN - Bitcoin amount continued assets aloft the 8500 attrition adjoin the US Dollar BTC is assuming a lot of bullish signs and it could accomplish an attack to beat 8800 in the abreast term

Bitcoin Price Analysis

Yesterday, we discussed the achievability of bitcoin amount hitting the $8,500 mark adjoin the US Dollar. The BTC/USD brace did accretion drive aloft the $8,300 attrition and acclimatized aloft the 100 alternate simple affective average. It opened the doors for added assets and the amount rallied aloft the $8,400 and $8,500 attrition levels. Additionally, the advancement move was able as the amount alike bankrupt the $8,600 level.

There was a fasten aloft the $8,700 akin and the amount traded to a new account aerial at $8,741. It is currently acclimation lower beneath $8,700. Moreover, it is testing the 23.6% Fib retracement akin of the contempo assemblage from the $8,184 low to $8,741 high. On the downside, there are abounding supports abreast the $8,600 and $8,700 levels.

Furthermore, there is a above bullish trend band basic with abutment abreast $8,500 on the alternate blueprint of the BTC/USD pair. The capital abutment is abreast the $8,460 level. It coincides with the 50% Fib retracement akin of the contempo assemblage from the $8,184 low to $8,741 high. Therefore, if there is a downside breach beneath $8,460, the amount could retest the $8,300 abutment area.

On the upside, an antecedent attrition is abreast the $8,740 and $8,750 levels. If there is an upside breach aloft $8,750, the amount is acceptable to billow aloft the $8,800 attrition area. The abutting key attrition is abreast the $9,000 level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin amount is acutely accepting bullish drive aloft the $8,500 level. Therefore, there are affairs of added upsides aloft the $8,750 and $8,800 levels. In the abbreviate term, there could be a downside correction, but the $8,460 akin ability accommodate support. The capital uptrend abutment is now abreast the $8,300 akin in the abreast term.

Technical indicators:

Hourly MACD – The MACD is currently abbreviation its bullish slope, with a few abrogating signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently acclimation from the overbought zone.

Major Support Levels – $8,500 followed by $8,460.

Major Resistance Levels – $8,750, $8,800 and $9,000.