Press "Enter" to skip to content

Bitcoin Price Analysis: BTC Near Make-or-Break Levels

admin 0
  • Bitcoin price is consolidating above the $ 8,000 and $ 7,800 support levels against the US Dollar.
  • The price is facing a strong resistance on the upside near the $ 8,350 and $ 8,400 levels.
  • There are two key bearish trend lines in place with resistance near $ 8,350 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could either rally above the $ 8,350 resistance or it might decline further below $ 7,800.

Bitcoin price is facing a strong resistance near $ 8,350 and $ 8,400 against the US Dollar. BTC must surpass $ 8,400 and gain strength above $ 8,500 for a fresh increase.

Bitcoin Price Analysis

In the past few days, bitcoin price traded in a broad range below the $ 8,500 resistance against the US Dollar. Moreover, the BTC/USD pair remained well below $ 8,500 and the 55 simple moving average (4-hours). The last swing low was formed near the $ 7,768 level before the price recovered higher. It broke the $ 8,000 and $ 8,150 resistance levels. Moreover, there was a break above $ 8,300 and the 55 simple moving average (4-hours).

However, the price failed to gain strength above $ 8,325 and topped near the $ 8,334 level. It is currently correcting lower and is trading near the $ 8,140 level. An immediate support on the downside is near the $ 8,050 level. It coincides with the 50% Fib retracement level of the recent rise from the $ 7,768 low to $ 8,334 high. The main support on the downside is near the $ 7,980 level.

Moreover, the 61.8% Fib retracement level of the recent rise from the $ 7,768 low to $ 8,334 high is near the $ 7,980 level to provide support. If there is a downside break below the $ 7,980 support, bitcoin price could revisit the $ 7,775 zone. Any further losses might call for a sharp decline below the $ 7,700 area. On the upside, there are many hurdles forming near the $ 8,350 and $ 8,400 levels.

More importantly, there are two key bearish trend lines in place with resistance near $ 8,350 on the 4-hours chart of the BTC/USD pair. Therefore, a clear break above both trend lines and $ 8,400 is must for a decent recovery above the $ 8,500 level. The next key resistance above $ 8,500 is near the $ 9,000 level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is facing a couple of important hurdles near the $ 8,350 and $ 8,400 levels. Therefore, the price could either rally above the $ 8,350 resistance or it might decline further below $ 7,800.

Technical indicators

4 hour MACD – The MACD is losing momentum in the bullish zone.

4 hour RSI (Relative Strength Index) – The RSI is currently near the 50 level, with a bearish angle.

Key Support Levels – $ 8,000 and $ 7,700.

Key Resistance Levels – $ 8,350, $ 8,400 and $ 8,500.

The post Bitcoin Price Analysis: BTC Near Make-or-Break Levels appeared first on Live Bitcoin News.

Live Bitcoin News

(Visited 1 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!