Bitcoin (BTC) Price Recovers Above $8.2K But Approach Remains Cautious
technical analysis

Bitcoin (BTC) Price Recovers Above $8.2K But Approach Remains Cautious

THELOGICALINDIAN - Bitcoin amount is airy accurately aloft 8100 and 8200 adjoin the US Dollar However it is still aboriginal to alarm the accepted move as a trend change in BTC

Bitcoin Price Analysis

This accomplished week, we saw mostly bearish moves in bitcoin beneath the $8,200 abutment breadth adjoin the US Dollar. BTC amount alike acclimatized beneath $8,000 and the 100 alternate simple affective average. However, the $7,800 breadth acted as a able support. As a result, BTC started a appropriate accretion aloft the $8,000 attrition breadth and the 100 alternate SMA. Moreover, there was a breach aloft a application triangle with attrition abreast $8,000 on the alternate chart.

More importantly, the amount surpassed the capital $8,200 attrition breadth (as discussed in the weekly forecast). Finally, the amount traded aloft the $8,250 akin and activated the $8,300 zone. A aerial was formed abreast $8,305 and the amount is currently accumulation gains. An actual abutment is abreast the $8,200 akin or the 23.6% Fib retracement akin of the contempo accretion from the $7,884 low to $8,305 high.

Additionally, there is a abbreviate appellation blemish or bullish assiduity arrangement basic with attrition abreast $8,250 on the aforementioned chart. If there is an upside breach aloft $8,250, bitcoin amount could abide to acceleration appear the $8,300 and $8,350 attrition levels. The abutting key attrition on the upside is abreast the $8,400 level.

Conversely, if there is a downside breach beneath the $8,200 support, the amount could alpha an continued downside correction. The abutting key abutment is abreast the $8,100 area. Moreover, the 50% Fib retracement akin of the contempo accretion from the $7,884 low to $8,305 aerial is additionally abreast the $8,095 akin to accommodate support. If there are added downsides, the amount could analysis $8,000 and the 100 alternate SMA.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin seems to be convalescent accurately aloft $8,200. However, the accepted amount activity beneath $8,300 still suggests signs of caution. Only a abutting aloft $8,400 may conceivably alarm for a able acceleration appear $9,000 and $9,200.

Technical indicators:

Hourly MACD – The MACD is accident drive in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently acclimation lower appear the 60 level.

Major Support Levels – $8,200 followed by $8,100.

Major Resistance Levels – $8,250, $8,300 and $8,400.