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- Bitcoin price is n a positive zone and recently climbed above the $8,500 level against the US Dollar.
- The price is gaining momentum and it seems like it could even trade towards the $8,800 level.
- There is a major bullish trend line forming with support near $8,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might dip a few points, but it remains well bid above the $8,460 pivot level.
Bitcoin price extended gains above the $8,500 resistance against the US Dollar. BTC is showing a lot of bullish signs and it could make an attempt to surpass $8,800 in the near term.
Bitcoin Price Analysis
Yesterday, we discussed the possibility of bitcoin price hitting the $8,500 mark against the US Dollar. The BTC/USD pair did gain momentum above the $8,300 resistance and settled above the 100 hourly simple moving average. It opened the doors for more gains and the price rallied above the $8,400 and $8,500 resistance levels. Additionally, the upward move was strong as the price even broke the $8,600 level.
There was a spike above the $8,700 level and the price traded to a new monthly high at $8,741. It is currently correcting lower below $8,700. Moreover, it is testing the 23.6% Fib retracement level of the recent rally from the $8,184 low to $8,741 high. On the downside, there are many supports near the $8,600 and $8,700 levels.
Furthermore, there is a major bullish trend line forming with support near $8,500 on the hourly chart of the BTC/USD pair. The main support is near the $8,460 level. It coincides with the 50% Fib retracement level of the recent rally from the $8,184 low to $8,741 high. Therefore, if there is a downside break below $8,460, the price could retest the $8,300 support area.
On the upside, an initial resistance is near the $8,740 and $8,750 levels. If there is an upside break above $8,750, the price is likely to surge above the $8,800 resistance area. The next key resistance is near the $9,000 level.
Looking at the chart, bitcoin price is clearly gaining bullish momentum above the $8,500 level. Therefore, there are chances of more upsides above the $8,750 and $8,800 levels. In the short term, there could be a downside correction, but the $8,460 level might provide support. The main uptrend support is now near the $8,300 level in the near term.
Technical indicators:
Hourly MACD – The MACD is currently reducing its bullish slope, with a few negative signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting from the overbought zone.
Major Support Levels – $8,500 followed by $8,460.
Major Resistance Levels – $8,750, $8,800 and $9,000.
