• 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 Cryptocurrency news Bitcoin

Bitcoin Gearing For Lift-Off to $8,000: Rally Isn’t Over Yet

Aayush Jindal by Aayush Jindal
9 months ago
in Bitcoin, Technical analysis
Reading Time: 2min read
bitcoin
Advertisement
Listen to Article

Bitcoin is trading in a bullish zone above the $7,450 and $7,400 support levels against the US Dollar. BTC might dip a few points, but it remains well bid for a rally to $8,000.

  • Bitcoin is showing a lot of positive signs above the $7,400 and $7,200 support levels.
  • A clear break above the $7,650 resistance could open the doors for a fresh rally.
  • There is a short term contracting triangle forming with resistance near $7,625 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct a few points, but the bulls are likely to protect the $7,400 support

Bitcoin is Back in Uptrend

This past week, bitcoin started a strong rise from the $7,028 swing low against the US Dollar. BTC price gained bullish momentum and broke the key $7,200 resistance level.

It opened the doors for a decent increase above the $7,400 resistance and the 100 simple moving average (4-hours). The price even climbed above the $7,500 hurdle and traded to a new weekly high at $7,788.

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

Recently, there was a downside correction below the $7,600 level. Bitcoin traded below the 23.6% Fib retracement level of the recent rise from the $7,028 swing low to $7,788 high.

On the downside, the $7,400 support area is acting as a strong buy zone (the previous breakout zone). The 50% Fib retracement level of the recent rise from the $7,028 swing low to $7,788 high is also near $7,408 and acting as a decent support base.

It seems like the price is currently consolidating above the $7,400 support. More importantly, there is a short term contracting triangle forming with resistance near $7,625 on the 4-hours chart of the BTC/USD pair.

Bitcoin Price
Bitcoin Price

If there is an upside break above the $7,625 and $7,650 resistance levels, the price is likely to resume its uptrend. An initial resistance is near the $7,800 level, above which it could test the key $8,000 resistance area.

Downside Correction

If bitcoin fails to continue above the $7,650 resistance level, it could extend its correction. The first major support is near the $7,400 level, where the bulls are likely to emerge.

Any further losses may perhaps lead the price towards the next key support at $7,200 or a connecting bullish trend line on the same chart.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly losing pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower from the 65 level.

Major Support Level – $7,400

Major Resistance Level – $7,800

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

Tags: bitcoinbtcusd
TweetShare42
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

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Severe Liquidity Shock Ahead for Bitcoin Market, Warns JPMorgan

6 mins ago
Chainlink (LINK)

Charted: Chainlink (LINK) Correcting Gains, Why Dips Remain Attractive

4 hours ago
Ethereum

TA: Ethereum Trims Gains, Why ETH Could Find Strong Support Near $1,275

6 hours ago
Bitcoin

TA: Why Bitcoin Price Remains At Risk for a Fresh Drop to $30K

8 hours ago
chainlink massive bearish divergence altcoin crypto

Massive Bearish Divergence Hints At First Major Chainlink Corrective Phase

10 hours ago
Ethereum

Analyst: Ethereum Likely to Tag $2,000 in Near-Term as Rally Turns Parabolic

14 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

1xBit Introduces New Live Casino Tournament DEAL OR NO DEAL

January 26, 2021

BitMarket Network Client – Open Multicurrency Crypto Wallet

January 26, 2021

Mercuryo, Binance’s Fiat Processor Partner, Announces Major Move to North American Market

January 26, 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.