Bitcoin Price & Time: Bulls Aiming $7.8K and $8K

Aayush Jindal

1 year ago

2 mins read

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After a downside correction, bitcoin price found support near $6,860 against the US Dollar.
The price is currently rising and trading nicely above the $7,400 resistance.
There was a break above a major declining channel with resistance near $7,345 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The price is likely to continue higher towards the $7,800 and $8,000 resistance levels.

Bitcoin price is showing a lot of bullish signs against the US Dollar. BTC bulls are in control and it seems like they are aiming a test of the $8,000 resistance.

Bitcoin Set to Rise Further

This past week, bitcoin extended its downside correction below the $7,200 support area against the US Dollar. BTC price even broke the $7,000 support and the 100 simple moving average (4-hours).

However, the $7,860 area acted as a strong support and prevented further losses. A low was formed near $6,859 and the price recently started a strong upward move. It surpassed the $7,000 and $7,200 resistance levels.

Besides, there was a break above the 50% Fib retracement level of the downward move from the $7,531 high to $6,859 low. More importantly, there was a break above a major declining channel with resistance near $7,345 on the 4-hours chart of the BTC/USD pair.

Bitcoin price is now trading nicely above $7,400 and the 100 simple moving average (4-hours). An immediate resistance is near the last swing high at $7,531.

If there is a clear break above the $7,531 high, the price is likely to test the $7,690 level. It represents the 1.236 Fib extension level of the downward move from the $7,531 high to $6,859 low.

A successful break above the $7,690 area could set the pace for a test of the $7,800 resistance. The final target for the bulls may perhaps be $8,000 in the coming days.

Pullback in BTC Could be Limited

If there is a downside correction, the price could test the $7,300 support. The first key support is near the $7,260 level and the 100 SMA. Any further losses might restart the downtrend in bitcoin towards the $7,000 and $6,860 support levels.

Looking at the chart, bitcoin price is clearly trading in an uptrend above the $7,300 and $7,400 levels. In the short term, there could be a downside correction, but the bulls seem to be aiming a test of $7,800 or $8,000 in the near term.

Technical indicators

4 hours MACD – The MACD for BTC/USD is gaining bullish momentum.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.

Major Support Level – $7,250

Major Resistance Level – $7,530

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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In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.