Bitcoin (BTC) Price Rallies 10%: Bulls Remain In Driver’s Seat
technical analysis

Bitcoin (BTC) Price Rallies 10%: Bulls Remain In Driver’s Seat

THELOGICALINDIAN - Bitcoin amount rallied decidedly afterwards it bankrupt 8300 adjoin the US Dollar BTC is currently acclimation assets but it is acceptable to acquisition abutment abreast 8600 or 8500

Bitcoin Price Analysis

After basic a support base aloft the $7,800 and $7,900 levels, bitcoin amount rallied decidedly adjoin the US Dollar. The BTC/USD brace surged aloft key attrition abreast $8,000 and $8,200 to move into a bullish zone. Moreover, there was a abutting aloft the $8,200 attrition and the 100 alternate simple affective average. It opened the doors for added assets aloft the $8,400 and $8,500 attrition levels.

During the rise, there was a breach aloft a above triangle attrition abreast $8,020 on the alternate blueprint of the BTC/USD pair. The brace acquired absorption and traded appear the $9,000 barrier. A new 2019 aerial was formed at $8,955 and the amount is currently acclimation lower. It is testing the 23.6% Fib retracement akin of the advancement move from the $7,912 low to $8,955 high. If it extends the correction, it is acceptable to acquisition a able abutment abreast the $8,600 level. Below $8,600, the main supports are $8,500 and $8,440.

Besides, the 50% Fib retracement akin of the advancement move from the $7,912 low to $8,955 aerial is abreast the $8,435 akin to authority losses. If there is an continued decline, the amount could acquisition bids abreast the $8,300 level. The declared $8,300 akin was a attrition beforehand and now it is acceptable to act as above buy zone.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin amount acutely fabricated a nice advancement move aloft the $8,300 and $8,500 resistances. It about activated the $9,000 akin and currently acclimation gains. However, there are abounding supports on the downside abreast the $8,600 and $8,500. On the upside, an antecedent attrition is abreast the $8,800 level, followed by $8,850. The capital hurdle is abreast the $9,000 level, aloft which the beasts could aim the $9,280 and $9,500 levels in the advancing sessions.

Technical indicators:

Hourly MACD – The MACD is currently assuming a lot of absolute signs in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently acclimation lower appear the 70 level.

Major Support Levels – $8,600 followed by $8,500.

Major Resistance Levels – $8,800, $8,900 and $9,000.