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Bitcoin (BTC) price smashes resistance: Bulls seek new high



  • The Bitcoin price rose sharply against the US dollar against the resistance of $ 7,800 and $ 8,000.
  • The price gained ground and even traded close to the $ 8,200 resistance range on the BTC / USD pair hourly chart (Kraken's data feed).
  • The pair is currently in a triangle pattern and could continue to rise above $ 8,150 and $ 8,200.

The Bitcoin price jumped back into a positive zone about $ 7,800 against the US dollar. BTC is currently a bullish pattern and is expected to continue towards $ 8,300 and $ 8,500 in the near future.

Bitcoin Price Analysis

We recently saw a sharp rise in the bitcoin price from the low of $ 7,475 against the US dollar. The BTC / USD gained ground and overcame many hurdles near $ 7,700 and $ 7,800. There was even a break above the $ 8,000 level and the simple 1

00-hour moving average. It looks like the bulls are back in action and the price has completed a downward correction near the $ 7,500 support area. This also indicates that the chances of further growth are above the level of $ 8,200.

Recently, this week's important downward channel on the BTC / USD hourly chart broke at $ 7,960. The pair moved to $ 8,200 and made an intraday high at $ 8,180. The price is currently consolidating profits in excess of $ 8,000. In addition, the price was below the $ 8,100 level and the retracement level of 23.6% of the $ 7,475 uptrend to a high of $ 8,180. Breaking resistance near the $ 7,960 and $ 8,000 levels is currently providing strong support.

In addition, the pair is currently forming a triangle pattern with resistance near 8,050 USD on the same chart. If the pair overcomes the triangle resistance and rises above $ 8,100, solid gains could come in the coming sessions. The next key resistance is near the levels of $ 8,200 and $ 8,300. In addition, the price should rise to a new high of 2019.

 Bitcoin Price Analysis BTC Chart

On the chart, the Bitcoin price has plummeted significantly back into a positive zone over $ 7,800. Currently, profits in excess of $ 8,000 and the 100-hour SMA are consolidated. If there is a move below the 100-hour SMA, the price could go down to the $ 7,710 level. Below $ 7,710, the next major support is near the $ 7,650 level.

Technical Indicators:

Hourly MACD – The MACD is currently in decline but could move into bullish territory.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD holds the major level of 50 with some positive signs.

Key support levels – $ 7,800, followed by $ 7,710.

Major Resistance Levels – 8,050 USD, 8,200 USD and 8,300 USD.


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