Bitcoin (BTC) Shows Signs Of Important Reversal To $8K

THELOGICALINDIAN - Bitcoin amount is boring affective into a absolute area adjoin the US Dollar BTC seems to be aiming a analysis of the 8000 attrition akin in the advancing days

Bitcoin Price Analysis

Yesterday, we saw a nice accretion wave in bitcoin aloft the $7,200 attrition adjoin the US Dollar. However, BTC amount struggled to ascend aloft the $7,375 and $7,400 attrition levels.

Later, there was a accessory downside correction, but the amount charcoal able-bodied bid aloft the $7,000 level. As a result, there was a beginning access aloft the $7,200 resistance.

Moreover, the amount surpassed yesterday’s bullish banderole attrition at $7,100 on the alternate chart. It opened the doors for an upside breach aloft the key $7,375 and $7,400 attrition levels.

Bitcoin amount alike rallied aloft the $7,500 attrition and traded abutting to the abutting key attrition abreast $7,700 (as acicular out in the account forecast). A aerial was formed abreast $7,676 and the amount is currently acclimation lower.

It bankrupt the $7,600 level, but captivation the 23.6% Fib retracement akin of the contempo advancement move from the $6,857 low to $7,676 high. Additionally, there is a abbreviate appellation application triangle basic with attrition abreast $7,540 on the aforementioned chart.

Therefore, there are two accessible scenarios – first, the amount resumes its acceleration aloft the $7,600 and $7,700 attrition level. In the mentioned case, the beasts are acceptable to aim the $8,000 resistance.

Conversely, the amount could actual added lower beneath the $7,450 support. The abutting abutment is abreast the $7,340 level. The capital abutment is abreast the $7,260 akin back it is the 50% Fib retracement akin of the contempo advancement move from the $6,857 low to $7,676 high.

Looking at the chart, bitcoin amount is assuming absolute signs aloft the $7,400 level. In the abbreviate term, there could be a downside alteration appear $7,340 or $7,260, but dips are acceptable to abide able-bodied bid. If not, the amount may possibly revisit the $7,000 abutment area.

Technical indicators:

Hourly MACD – The MACD is boring affective aback into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently acclimation lower appear the 50 level.

Major Support Levels – $7,340 followed by $7,260.

Major Resistance Levels – $7,540, $7,600 and $7,700.