Bitcoin Rallies 5% To Clear Hurdles, Bulls Aiming $8K

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price rallied more than 5% to clear the $7,500 resistance against the US Dollar.
The price is now trading in a positive zone and it could rise further above $7,700.
There is a short term breakout pattern forming with resistance near $7,590 on the hourly chart of the BTC/USD pair (data feed from Kraken).
There could be a short term correction, but the price remains well bid above $7,500 and $7,460.

Bitcoin price is showing signs of a bullish continuation above $7,500 against the US Dollar. BTC is likely to continue higher and the bulls seem to be aiming $8,000 this week.

Bitcoin Price Analysis

After consolidating below the $7,200 resistance, bitcoin started a nice upward move against the US Dollar. BTC surpassed a few key hurdles near $7,300 and $7,400 to start a strong upward move.

Moreover, there was a close above the $7,500 resistance and the 100 hourly simple moving average. It opened the doors for more gains and the price rallied above $7,600. A new weekly high is formed near $7,652 and the price is currently consolidating gains.

An initial support is near the $7,540 level. Besides, the 23.6% Fib retracement level of the recent surge from the $7,166 low to $7,652 high is near $7,537. If there are more downside, the next stop could be near the $7,460 level (the recent breakout zone).

The net major support could be $7,400, and the 50% Fib retracement level of the recent surge from the $7,166 low to $7,652 high. At the moment, there is a short term breakout pattern forming with resistance near $7,590 on the hourly chart of the BTC/USD pair.

If there is an upside break above the $7,590 and $7,600 resistance levels, bitcoin is likely to resume its upward move. The next resistance is near the $7,652 high, above which the price could surge towards the $7,800 level.

Any further gains will most likely lead the price towards the key $8,000 resistance area, where sellers are likely to take a stand.

Looking at the chart, bitcoin price is showing a lot of positive signs after the recent rally above $7,500. Therefore, there are high chances of more upsides above the $7,700 and $7,800 levels in the coming sessions unless the price trades below $7,400.

Technical indicators:

Hourly MACD – The MACD is slowly reducing its bullish slop.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower from the overbought zone.

Major Support Levels – $7,460 followed by $7,400.

Major Resistance Levels – $7,600, $7,650 and $7,800.

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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