- There were sharp gains in bitcoin rate above the $8,000 resistance location versus the United States Dollar.
- The rate rallied above the $8,500 and $8,800 resistance levels to move into a favorable zone.
- There is a significant bullish pattern line forming with assistance near $8,650 on the 4-hours chart of the BTC/USD set (information feed from Kraken).
- The set is presently trading above the $9,000 level and it might continue greater towards the $10,000 level.
Bitcoin rate is getting bullish momentum above $9,000 versus the United States Dollar. BTC is most likely to speed up greater and it might even break the $10,000 level in the near term.
Bitcoin Cost Weekly Analysis (BTC)
This previous week, bitcoin rate discovered a strong support near the $7,500 level versus the United States Dollar. As an outcome, the BTC/USD set began a strong upward relocation above the $8,000 and $8,500 resistance levels. The rate even settled above the $8,500 resistance and the 100 basic moving typical (4-hours). Furthermore, there was a clear break above the $8,800 resistance location.
Lastly, the rate surged above the $9,000 level and it is presently trading with a strong bullish predisposition. On the disadvantage, a preliminary assistance is near the $9,000 level. The next support is near the $8,800 and $8,780 levels. It represents the 23.6% Fib retracement level of the last wave from the $8,020 low to $9,027 high. Furthermore, there is a significant bullish pattern line forming with assistance near $8,650 on the 4-hours chart of the BTC/USD set.
If there is a drawback break listed below the pattern line, the rate might check $8,500 The 50% Fib retracement level of the last wave from the $8,020 low to $9,027 high is likewise near the $8,520 level. On the benefit, an instant resistance is near the $9,080 and $9,100 levels. If there is an upside break above $9,100, the rate might rise even more greater in the coming sessions.
The next target for the bulls might be near the $9,500 level. Nevertheless, there are high possibilities of more gains and the rate may even rally towards the $10,000 level in the near term.
Taking A Look At the chart, bitcoin rate appears to be trading with a strong bullish momentum above $8,500 and $8,800 For that reason, there are high possibilities of more advantages above the $9,100 and $9,500 levels. On the disadvantage, the $8,800 and $8,500 levels are most likely to serve as significant assistances for the bulls.
4 hours MACD– The MACD for BTC/USD is getting momentum in the bullish zone.
4 hours RSI (Relative Strength Index)– The RSI for BTC/USD is presently in the overbought zone, without any bearish indication.
Significant Assistance Level– $8,500
Significant Resistance Level– $9,500