Bitcoin Price Analysis: BTC Rally Far From Over

Bitcoin price is currently rising and trading nicely above the $8,000 resistance against the US Dollar. The price gained pace above the $8,150 level and the 55 simple moving average (4-hours). There was a break above a major bearish trend line...

Bitcoin Price Analysis: BTC Rally Far From Over
  • Bitcoin price is currently rising and trading nicely above the $8,000 resistance against the US Dollar.
  • The price gained pace above the $8,150 level and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $7,340 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair remains well bid and it is likely to continue higher towards the $8,800 level.

Bitcoin price is trading in a nice uptrend above $8,000 against the US Dollar. BTC could continue to rise towards $8,800 and $9,000 in the near term.

Bitcoin Price Analysis

In the past few days, bitcoin price gained bullish momentum from the $7,200 support area against the US Dollar. As a result, BTC broke the key $7,500 resistance and the 55 simple moving average (4-hours).

Moreover, there was a break above a major bearish trend line with resistance near $7,340 on the 4-hours chart of the BTC/USD pair. It opened the doors for more gains above the $8,000 resistance area.

Finally, the price rallied above $8,200 and traded to a new 2020 high at $8,482. It is currently correcting lower below the $8,400 level. Besides, it is testing the 23.6% Fib retracement level of the upward wave from the $7,733 low to $8,482 high.

If there is a downside extension, bitcoin price could correct lower towards the $8,100 support level. It represents the 50% Fib retracement level of the upward wave from the $7,733 low to $8,482 high.

The main support is near the $7,800 level (the recent breakout zone). Therefore, a major downside correction below $8,200 might find support near the $7,800 level.

On the upside, the first key resistance is near the $8,480 level. If there is an upside break above the recent high, the price is likely to accelerate above $8,500 and $8,600.

The next major resistance is near the $8,800 level, above which the bulls are likely to aim a test of the key $9,000 resistance area in the near term.

Bitcoin Price Analysis

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading in an uptrend above the $7,800 and $8,000 levels. As long as there is no close below the $7,800 support, there are chances of a fresh increase above the $8,500 level in the coming sessions.

Technical indicators

4 hour MACD – The MACD is currently showing a lot of positive signs in the bullish zone.

4 hour RSI (Relative Strength Index) – The RSI is currently in the overbought zone above 75.

Key Support Levels – $8,100 and $7,800.

Key Resistance Levels – $8,480, $8,800 and $9,000.

Tags: bitcoin, BTC
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