• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis

Bitcoin (BTC) Price Recovers Sharply: Is This A Real Bullish Move?

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
technical analysis bitcoin
Advertisement
Listen to Article
  • Bitcoin price started a fresh upward move after trading as low as $7,519 against the US Dollar.
  • The price gained pace above the $7,700 resistance and even traded above $7,800.
  • Yesterday’s highlighted key bearish trend line was breached with resistance near $7,780 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is showing positive signs above the $7,800 support and the 100 hourly simple moving average.

Bitcoin price started a strong rebound above $7,700 and $7,800 against the US Dollar. However, BTC must gain pace above the $8,000 barrier to move into a positive zone.

Bitcoin Price Analysis

Recently, bitcoin price traded to a new weekly swing low close to $7,500 against the US Dollar. The BTC/USD pair found support near $7,500 and recently started a decent upward move. It broke the $7,600 and $7,700 resistance levels to start a recovery. There was a break above the 50% Fib retracement level of the key drop from the $8,130 high to $7,515 swing low. It opened the doors for more gains above the $7,800 level and the 100 hourly simple moving average.

Moreover, yesterday’s highlighted key bearish trend line was breached with resistance near $7,780 on the hourly chart of the BTC/USD pair. The pair even spiked above the $8,000 level, but it failed to gain bullish momentum above the $8,050 level. A swing high was formed near $8,080 and the price is currently consolidating gain. An initial support is near the 23.6% Fib retracement level of the recent wave from the $7,519 swing low to $8,080 high. Besides, there is a short term contracting triangle forming with resistance near $8,050. If there is an upside break, the price could continue to rise in the near term.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Conversely, if there is a downside break below $7,900, the price could test the $7,850 support area. The 100 hourly SMA is also just above $7,850 to act as a support. The next support is close to the $7,800 level. It represents the 50% Fib retracement level of the recent wave from the $7,519 swing low to $8,080 high.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is trading with a positive bias above the $7,850 and $7,800. As long as there is no downside break below $7,800, the price might continue to rise. On the upside, a follow through above $8,000 and $8,080 might push the price towards $8,300.

Technical indicators:

Hourly MACD – The MACD is losing momentum in the bullish zone.

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

Major Support Levels – $7,850 followed by $7,800.

Major Resistance Levels – $8,000, $8,080 and $8,200.

Tags: bitcoinbtc
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Ripple (XRP)

Charted: Ripple (XRP) Signaling Bullish Breakout, Why It Could Retest $0.35

53 mins ago
Ethereum

TA: Ethereum Steadies Above $1,280, Why ETH Could Restart Its Rally

3 hours ago
Bitcoin

TA: Bitcoin Struggles Below $36K, Why BTC Could Extend Losses

5 hours ago
bitcoin peter brandt parabola breakdown

Career Trader Subtly Hints Of Bitcoin Parabola Breakdown With Fractal Diagram

7 hours ago
Ethereum (ETH)

Fractal Suggests Ethereum May Face Further Chop Before Seeing Parabolic Rally

11 hours ago
Technicals Point To Extended Ethereum Dominance Over Bitcoin

Technicals Point To Extended Ethereum Dominance Over Bitcoin

12 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Bit.com To Launch Industry’s First BCH Options

January 20, 2021

NOWPayments Presents: Fiat Conversion

January 20, 2021

The Foundation for Economic Education Announces Two Major Gifts from Bitcoin.com Founder Roger Ver

January 19, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.