Analysis Technical

Bitcoin Price Watch: BTC/USD Must Break $8,300 To Resume Uptrend

Aayush Jindal | July 30, 2018 | 8:58 am
technical analysis bitcoin
Analysis

Bitcoin Price Watch: BTC/USD Must Break $8,300 To Resume Uptrend

Aayush Jindal | July 30, 2018 | 8:58 am

Key Points

  • Bitcoin price is holding an important support at $8,000 against the US Dollar.
  • There is a significant bearish trend line in place with resistance at $8,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $8,300 barrier to resume its upward move above the $8,500 level.

Bitcoin price is consolidating gains above $8,000 against the US Dollar. BTC/USD could trade to new a monthly high if it succeeds in settling above $8,300.

Bitcoin Price Analysis

After declining below the $8,000 level, bitcoin price found support near $7,800 against the US Dollar. The BTC/USD pair trimmed most its losses and traded back above the $8,000 level. There was even a break above the 50% Fib retracement level of the last drop from the $8,503 high to $7,800 low. The price settled above the $8,100 level and the 100 hourly simple moving average.

However, the upside move was capped by the $8,300 resistance. More importantly, there is a crucial bearish trend line in place with resistance at $8,300 on the hourly chart of the BTC/USD pair. The same trend line is close to the 61.8% Fib retracement level of the last drop from the $8,503 high to $7,800 low. Therefore, a successful close above the trend line and $8,300 resistance may perhaps open the doors for more gains. BTC price could jump towards the $8,500 high. Above this, the price will most likely accelerate gains above $8,550 and form a new monthly high.

Bitcoin Price Analysis BTC USD

Looking at the chart, the price is struggling to clear the $8,300 barrier. Should there be a downside reaction, the $8,100 and $8,000 supports levels could be tested. Below $8,000, bitcoin may possibly face an increased selling pressure.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly moving back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently moving lower towards the 40 level.

Major Support Level – $8,000

Major Resistance Level – $8,300

Tags: , , , , , ,    

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Casinos

Choose from the best UK casinos
and enjoy the fun!

Read More  ›

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.