Bitcoin is up 2% and it broke the $7,600 resistance area against the US Dollar. However, BTC price is likely to face a strong resistance near $8,000 in the near term.
In the past few sessions, bitcoin remained well bid above the $7,400 and $7,420 levels against the US Dollar. BTC price corrected a few points below the $7,555 support, but dips were limited.
A low was formed near $7,484 and the price started a fresh increase. It climbed above the $7,555 level and the bulls were able to push the price above the key $7,600 resistance .
A new weekly high is formed near $7,792 and the price is now trading well above the 100 hourly simple moving average. Bitcoin is currently consolidating gains above $7,700. It tested the 23.6% Fib retracement level of the recent rise from the $7,484 low to $7,792 high.
On the downside, an initial support is seen near the $7,635 level. It is close to the 50% Fib retracement level of the recent rise from the $7,484 low to $7,792 high. More importantly, there is a key bullish trend line forming with support near $7,600 on the hourly chart of the BTC/USD pair.
- Bitcoin is showing signs of exhaustion above $7,500 and $7,600 against the US Dollar.
- The bears are likely to put a strong fight near the $8,000 resistance area.
- There is a key bullish trend line forming with support near $7,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could spike towards the $8,000 resistance, where the bulls are likely to face many hurdles.
In the past few sessions, bitcoin remained well bid above the $7,400 and $7,420 levels against the US Dollar. BTC price corrected a few points below the $7,555 support, but dips were limited.
A low was formed near $7,484 and the price started a fresh increase. It climbed above the $7,555 level and the bulls were able to push the price above the key $7,600 resistance .
A new weekly high is formed near $7,792 and the price is now trading well above the 100 hourly simple moving average. Bitcoin is currently consolidating gains above $7,700. It tested the 23.6% Fib retracement level of the recent rise from the $7,484 low to $7,792 high.
On the downside, an initial support is seen near the $7,635 level. It is close to the 50% Fib retracement level of the recent rise from the $7,484 low to $7,792 high. More importantly, there is a key bullish trend line forming with support near $7,600 on the hourly chart of the BTC/USD pair.