THELOGICALINDIAN - Bitcoin surged added than 5 to ascend aloft the 7700 and 7800 attrition levels adjoin the US Dollar BTC amount activated the 8000 barrier and it could actual lower in the abbreviate term
Bitcoin Tops Near $8,000
Yesterday, we discussed the chances of bitcoin ascent appear the $7,800 and $8,000 attrition levels adjoin the US Dollar. BTC overcame all hurdles and was able to ascend aloft the $7,800 attrition area.
Besides, there was a abutting aloft the $7,700 axis akin and the 100 alternate simple affective average. More importantly, there was a breach aloft a above application triangle with attrition abreast $7,620 on the alternate blueprint of the BTC/USD pair.
The brace rallied appear the $8,000 resistance, area sellers emerged. A new 2020 high is formed abreast $7,990 and the amount is currently acclimation lower. It traded beneath the 23.6% Fib retracement akin of the contempo assemblage from the $7,486 low to $7,990 high.
On the downside, an antecedent abutment is abreast the $7,800 area. However, the aboriginal key abutment is abreast the $7,740 level. Moreover, the 50% Fib retracement akin of the contempo assemblage from the $7,486 low to $7,990 aerial is additionally abreast the $7,740 level.
If there is an continued downside correction, bitcoin amount ability analysis the $7,680 support. Any added downsides ability abash the beasts and the amount could dip appear the $7,580 abutment area.
Chances of Another Upward Move in BTC
It seems like BTC adjourned abutting to the key $8,000 attrition area. Therefore, a abbreviate appellation alteration cannot be abandoned beneath the $7,800 area.
Having said that, the amount is acceptable to acquisition bids abreast $7,740 or $7,680. Later, it could consolidate for a brace of sessions afore addition acceleration appear $8,000 or alike $8,150.
Looking at the chart, bitcoin amount is acceptable to actual lower appear $7,680 afore a beginning increase. Only if it settles beneath $7,500, the bears could booty ascendancy and the amount ability bead to $7,000.
Technical indicators:
Hourly MACD – The MACD is boring abbreviation its bullish slope.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is acclimation lower from the 80 zone.
Major Support Levels – $7,740 followed by $7,680.
Major Resistance Levels – $7,980, $8,000 and $8,150.
