- Bitcoin rate formed a high near $8,348 and just recently remedied lower versus the United States Dollar.
- The rate is presently trading near the $8,120 level and it might evaluate $8,050 and even $8,000
- There is a short-term contracting triangle forming with resistance near $8,160 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The rate is most likely to stay well bid above the $8,050 and $8,000 assistance levels in the near term.
Bitcoin rate is gradually decreasing listed below $8,200 versus the United States Dollar. Nevertheless, BTC is most likely to hold the $8,000 assistance and it might get better above $8,200
Bitcoin Cost Analysis
The other day, we saw a nice upward move in BTC above the $8,200 resistance location versus the United States Dollar. The rate even settled above the $8,200 level and the 100 per hour basic moving average. Additionally, the rate climbed up above the $8,300 level and lastly checked the $8,350 location. A high was formed near $8,348 and just recently the rate began a disadvantage correction.
There was a break listed below the $8,200 assistance location. In addition, the rate traded listed below the 23.6% Fib retracement level of the upward relocation from the $7,770 low to $8,348 high. On the disadvantage, there are a couple of essential assistances near the $8,100, $8,050 and $8,000 levels. An intermediate assistance is near the $8,080 level and the 100 per hour SMA. Besides, the 50% Fib retracement level of the upward relocation from the $7,770 low to $8,348 high is near the $8,060 level.
For that reason, dips stay well supported on the disadvantage near the $8,050 level. At the minute, there is a short-term contracting triangle forming with resistance near $8,160 on the per hour chart of the BTC/USD set. If bitcoin breaks the $8,160 resistance, there are possibilities of a fresh boost above the $8,200 and $8,300 levels. Lastly, a clear break above $8,350 may press the rate towards the key $8,500 resistance.
On the other hand, a disadvantage break listed below $8,050 and the 100 per hour SMA may increase bearish pressure. The next essential assistance is near $8,000 or the 61.8% Fib retracement level of the upward relocation from the $7,770 low to $8,348 high. Must there be a disadvantage break listed below $8,000, the rate might continue to move down.
Taking A Look At the chart, bitcoin is presently remedying lower listed below the $8,200 level. Nevertheless, the $8,050 and $8,000 levels are necessary assistances and the rate is most likely to get better in the near term.
Per Hour MACD– The MACD is most likely to return into the bullish zone.
Per Hour RSI (Relative Strength Index)– The RSI for BTC/USD is gradually increasing towards the 50 level.
Significant Assistance Levels– $8,050 followed by $8,000
Significant Resistance Levels– $8,160, $8,200 and $8,350