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Bitcoin Price Watch: BTC/USD Poised to Test $8,000

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

Key Points

  • Bitcoin price traded higher and broke a major resistance at $7,580 against the US Dollar.
  • There was a break above a connecting resistance trend line at $7,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to move further higher towards the $7,800 and $8,000 resistance levels.

Bitcoin price is slowly gaining bullish momentum above $7,500 against the US Dollar. BTC/USD is likely preparing for more gains towards the $8,000 barrier.

Bitcoin Price Analysis

Bitcoin price was rejected many times near the $7,550 and $7,580 resistance levels against the US Dollar. The BTC/USD pair recently dipped towards the $7,320 level, where it found strong bids. Later, it started a fresh upside move and gained momentum to break the $7,550 and $7,580 resistance levels. It traded to a new weekly high above the 7,650 level and tested $7,700.

During the upward move, there was a break above a connecting resistance trend line at $7,600 on the hourly chart of the BTC/USD pair. The pair is currently consolidating near the $7,700 level with a bullish angle. On the upside, the next resistance is near the $7,780 level. It coincides with the 1.236 Fib extension level of the last drop from the $7,669 high to $7,201 low. Above this, the price is likely to accelerate above the $7,800 level. The next target for buyers could be $8,000 and the 1.618 Fib extension level of the last drop from the $7,669 high to $7,201 low.

Bitcoin Price Analysis BTC USD

Looking at the chart, the price is placed nicely above the $7,580 support, which was a major resistance earlier. If there is a downside correction, the $7,580 and $7,500 levels are likely to hold declines in the short term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is gaining strength in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently well above the 60 level with no negative signs.

Major Support Level – $7,580

Major Resistance Level – $7,800

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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