Bitcoin (BTC) Price Smashes Resistance: Primed For More Gains

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price broke to the upside and cleared the $7,950 and $8,000 barriers against the US Dollar.
The price even broke the $8,200 resistance area and it is currently correcting lower.
There is another major breakout pattern forming with resistance near $8,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is currently trading with a positive bias above the $8,100 and $8,000 support levels.

Bitcoin price started a strong rise after it broke the $8,000 barrier against the US Dollar. BTC is back in a positive zone and it might continue to rise towards the $8,400 level.

Bitcoin Price Analysis

Recently, bitcoin price formed a support base above the $7,700 level against the US Dollar. The BTC/USD pair started a steady rise and broke the $7,800 and $7,850 resistance levels. As a result, the bulls gained strength above the $7,900 level and the 100 hourly simple moving average. It opened the doors for more gains above the main $7,950 and $8,000 resistance levels.

The price even surpassed yesterday’s breakout pattern with resistance near $7,950 on the hourly chart. The bulls managed to push the price to a new weekly high above the $8,100 level. Finally, there was a break above the $8,200 level and a new swing high was formed near $8,284.

Recently, bitcoin price started a downside correction below $8,200. It broke the 23.6% Fib retracement level of the recent wave from the $7,902 swing low to $8,284 high. On the downside, there are many supports near the $8,100 and $8,080 levels. Moreover, there is another major breakout pattern forming with resistance near $8,200 on the hourly chart of the BTC/USD pair.

The 50% Fib retracement level of the recent wave from the $7,902 swing low to $8,284 high is also near the $8,090 level to act as a support. It seems like there could be a downside spike towards the $8,080 or $8,050 support levels before the price starts a fresh increase. On the upside, a break above the $8,200 level could open the doors for more gains in the near term.

Looking at the chart, bitcoin price is showing positive signs above the $8,000 and $8,100 support levels. In the short term, there could be a few swing moves, but the price is likely to hold the $8,000 support. As long as BTC is above $8,000, it could continue to grind higher.

Technical indicators:

Hourly MACD – The MACD is slowly moving in the bearish zone.

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

Major Support Levels – $8,100 followed by $8,000.

Major Resistance Levels – $8,200, $8,300 and $8,380.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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