Bitcoin Price Watch: BTC/USD Must Break $8,300 To Resume Uptrend

Key Factors

  • Bitcoin value is holding an necessary help at $eight,000 in opposition to the US Greenback.
  • There’s a important bearish pattern line in place with resistance at $eight,300 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair should clear the $eight,300 barrier to renew its upward transfer above the $eight,500 stage.

Bitcoin value is consolidating positive aspects above $eight,000 in opposition to the US Greenback. BTC/USD might commerce to new a month-to-month excessive if it succeeds in settling above $eight,300.

Bitcoin Price Evaluation

After declining beneath the $eight,000 stage, bitcoin value discovered help close to $7,800 in opposition to the US Greenback. The BTC/USD pair trimmed most its losses and traded again above the $eight,000 stage. There was even a break above the 50% Fib retracement stage of the final drop from the $eight,503 excessive to $7,800 low. The worth settled above the $eight,100 stage and the 100 hourly easy shifting common.

Nevertheless, the upside transfer was capped by the $eight,300 resistance. Extra importantly, there’s a essential bearish pattern line in place with resistance at $eight,300 on the hourly chart of the BTC/USD pair. The identical pattern line is near the 61.eight% Fib retracement stage of the final drop from the $eight,503 excessive to $7,800 low. Subsequently, a profitable shut above the pattern line and $eight,300 resistance could maybe open the doorways for extra positive aspects. BTC value might bounce in direction of the $eight,500 excessive. Above this, the value will probably speed up positive aspects above $eight,550 and kind a brand new month-to-month excessive.

Trying on the chart, the value is struggling to clear the $eight,300 barrier. Ought to there be a draw back response, the $eight,100 and $eight,000 helps ranges may very well be examined. Beneath $eight,000, bitcoin could probably face an elevated promoting stress.

Trying on the technical indicators:

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

Hourly RSI (Relative Power Index) – The RSI is at present shifting decrease in direction of the 40 stage.

Main Assist Degree – $eight,000

Main Resistance Degree – $eight,300

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