Bitcoin Price Watch: BTC/USD Hits $8,500, Eyes Correction

Key Factors

  • Bitcoin value prolonged features and traded near the $Eight,500 goal in opposition to the US Greenback.
  • There’s a short-term ascending channel in place with assist at $Eight,300 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair stays in an uptrend, but it surely might right a couple of factors in direction of $Eight,200 within the close to time period.

Bitcoin value climbed additional in direction of $Eight,500 in opposition to the US Greenback. BTC/USD stays supported on dips close to the $Eight,300 and $Eight,200 ranges.

Bitcoin Price Evaluation

This week, we mentioned about Bitcoin value buying and selling greater in direction of the $Eight,500 degree in opposition to the US Greenback. The BTC/USD pair climbed greater and broke the $Eight,000 and $Eight,200 resistance ranges. It even traded near the $Eight,500 goal and shaped a excessive close to $Eight,489. For the time being, the value is buying and selling in a variety beneath the $Eight,500 degree with consolidation indicators.

It looks as if there’s a short-term ascending channel in place with assist at $Eight,300 on the hourly chart of the BTC/USD pair. The channel assist is close to the 23.6% Fib retracement degree of the final leg from the $7,602 low to $Eight,489 excessive. Beneath the channel assist, the following cease might the $Eight,200 and $Eight,150 ranges. Extra importantly, there is a vital bullish development line in place with assist at $Eight,200. The identical development line is positioned close to the 38.2% Fib retracement degree of the final leg from the $7,602 low to $Eight,489 excessive. Due to this fact, dips from the present ranges stay supported close to the $Eight,200 degree.

Trying on the chart, the value could maybe right decrease in direction of $Eight,200. Nevertheless, the general development is constructive and a break above the $Eight,490-Eight,500 zone might speed up features. The subsequent resistance awaits close to the $Eight,650 degree, above which, it might take a look at $Eight,800.

Trying on the technical indicators:

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

Hourly RSI (Relative Power Index) – The RSI is at present correcting decrease from the overbought ranges.

Main Assist Degree – $Eight,200

Main Resistance Degree – $Eight,500

About Tom Greenly

Check Also

Second Hand Rigs Are Dumped as the Solo Mining Dream Dies

Mining In the summer season of 2017, rising cryptocurrency costs led to a run on …

Litecoin, Stellar Lumens, Tron, IOTA, EOS Technical Analysis: At 90% From ATHs, Altcoins are almost “Free”

Other than IOTA which on paper appears to be outperforming friends including 15 p.c within …