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Bitcoin Price Watch: BTC/USD Breaks $8,000, Next Target $8,500

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Points

  • Bitcoin price gained momentum and broke a key resistance at $8,000 against the US Dollar.
  • There is a key connecting bullish trend line in place with support at $7,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might correct a few points, but it remains in an uptrend towards $8,500.

Bitcoin price is climbing higher above $7,800 against the US Dollar. BTC/USD broke the $8,000 resistance and it looks set for more upsides in the near term.

Bitcoin Price Analysis

Yesterday, we discussed that Bitcoin price could climb above the $8,000 resistance against the US Dollar. The BTC/USD pair did gain momentum above the $7,800 resistance and traded above the $8,000 resistance. A high was formed at $8,028 and the price is currently consolidating gains. An initial support on the downside is near the 23.6% Fib retracement level of the last wave from the $7,327 low to $8,027 high.

More importantly, there is a key connecting bullish trend line in place with support at $7,850 on the hourly chart of the BTC/USD pair. Should there be a break below the trend line support, the price may trade towards the $7,770 support. The 50% Fib retracement level of the last wave from the $7,327 low to $8,027 high is also positioned near the $7,680 level. Therefore, if the price corrects lower, it is likely to find many supports like $7,850, $7,800, $7,700 and $7,680. Below this, the most important support is at $7,580 (the previous resistance).

Bitcoin Price Analysis BTC USD

Looking at the chart, the price is showing many bullish signs above $7,850. It is likely to accelerate gains above the $8,000 level. The next resistances are near the $8,200 and $8,500 levels.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is placed heavily in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is near the overbought levels with hardly any sign of a downside move.

Major Support Level – $7,850

Major Resistance Level – $8,500

Tags: Bitcoin Analysisbitcoin priceBitcoin price analysisBitcoin price chartbitcoin technical analysisbtcbtcusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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