Bitcoin Price Watch: BTC/USD Primed for Gains

Key Factors

  • Bitcoin worth is exhibiting bullish indicators above the $eight,600 pivot degree in opposition to the US Greenback.
  • This week’s ascending channel with present assist at $eight,480 is unbroken on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair is now buying and selling properly above the $eight,500 assist and the 100 hourly easy shifting common.

Bitcoin worth is following a bullish path above $eight,600 in opposition to the US Greenback. BTC/USD has to maneuver above $9,000 to speed up positive aspects within the close to time period.

Bitcoin Price Evaluation

There was a sluggish and regular rise in bitcoin worth above the $eight,500 resistance in opposition to the US Greenback. The worth traded greater and even broke the $eight,600 resistance degree to settle above the 100 hourly easy shifting common. The upside transfer was constructive, as the worth traded near the $eight,900 resistance degree. A excessive was fashioned at $eight,899 earlier than the worth began a draw back correction.

It moved down and traded beneath the 23.6% Fib retracement degree of the final wave from the $eight,305 low to $eight,899 excessive. Nevertheless, the worth stays effectively supported on the draw back above the $eight,500 degree. A right away key assist is at $eight,600, which is the 50% Fib retracement degree of the final wave from the $eight,305 low to $eight,899 excessive. Moreover, the 100 hourly SMA is positioned close to $eight,550 to stop declines within the close to time period. Moreover, this week’s ascending channel with present assist at $eight,480 is unbroken on the hourly chart of the BTC/USD pair.

Trying on the chart, the worth is positioned properly above $eight,500 and the 100 hourly SMA. Subsequently, so long as the worth is above $eight,500, it may proceed to maneuver greater in the direction of $9,000. A break above $9,000 will probably affirm a strong bullish bias in the direction of $10,000.

Trying on the technical indicators:              

Hourly MACD – The MACD for BTC/USD is slowly shifting within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI is at present shifting decrease in the direction of the 50 degree.

Main Help Degree – $eight,500

Main Resistance Degree – $eight,900

About Tom Greenly

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