Bitcoin is trading back in an uptrend above the $7,800 and $7,700 support levels against the US Dollar. BTC could start another strong uptrend if it settles above $8,200.<\/p>\n
This past week, bitcoin started a downside correction from the $8,473 high against the US Dollar. BTC price declined below the $8,200 and $8,000 support levels.<\/p>\n
However, the $7,700 and $7,600 levels acted as a strong support. Moreover, the price stayed well above $8,500 and the 100 simple moving average (4-hours). A swing low is formed near $7,659 and bitcoin price is currently trading higher.<\/p>\n
There was a break above the 50% Fib retracement level of the downward move from the $8,473 high to $7,659 low. The current wave is facing hurdles near the $8,200 resistance area.<\/p>\n
Bitcoin Price<\/p>\n
Besides, there is a key breakout pattern forming with resistance near $8,160 on the 4-hours chart of the BTC\/USD pair. Finally, the 76.4% Fib retracement level of the downward move from the $8,473 high to $7,659 low is also near the $8,280 level.<\/p>\n
Therefore, a clear break above the $8,200 and $8,280 levels could set the pace for a fresh rally. In the mentioned bullish case, bitcoin price could surge towards $8,500 and $8,800.<\/p>\n
Conversely, there are chances of a downside break below the triangle support near $7,900 and $7,850. The main supports and buy zones are near $7,700 and $7,600.<\/p>\n
A successful close below the $7,600 support could start a substantial decline in the coming sessions. The next major support is near the 100 simple moving average (4-hours) at $7,530, below which the price is likely to drop towards the $7,000 level.<\/p>\n
Looking at the chart, bitcoin price is showing signs of a bullish break above the $8,200 resistance. The only thing holding it back is $8,280. A successful close above $8,280 could set the pace for a strong rise towards $8,500 and $8,800.<\/p>\n
Technical indicators<\/p>\n
4 hours MACD The MACD for BTC\/USD is likely to gain bullish momentum.<\/p>\n
4 hours RSI (Relative Strength Index) The RSI for BTC\/USD is still above the 50 level.<\/p>\n
Major Support Level $7,600<\/p>\n
Major Resistance Level $8,280<\/p>\n
<\/p>\n
Read more:<\/p>\n
Bitcoin Price Primed For Fresh Rally And Only 1 Thing Is Holding It Back - newsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin is trading back in an uptrend above the $7,800 and $7,700 support levels against the US Dollar. BTC could start another strong uptrend if it settles above $8,200 Continue reading