Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency Trading => Cryptocurrency Price Speculations => Topic started by: Quiks on April 04, 2019, 11:00:13 AM
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(https://www.newsbtc.com/wp-content/uploads/2019/04/Bitcoin-3.png)
Bitcoin price settled above the key $5,000 hurdle and tested the $5,240 resistance against the US Dollar.
The price faced a strong selling interest near the main technical barrier at $5,240-5,260.
There is a major connecting bullish trend line formed with support near $4,200 on the daily chart of the BTC/USD pair (data feed from Kraken).
The pair corrected recently, but it is likely to make another breakout attempt above $5,240.
Bitcoin price started a massive bull-run above the $4,500 and $5,000 resistances against the US Dollar. BTC is currently struggling near the $5,240 resistance, but more upsides seems possible.
Bitcoin Price Analysis
In the past two days, we saw a nasty upward move above the $4,500 resistance in bitcoin price against the US Dollar. The BTC/USD pair even climbed above the $5,000 resistance and settled well above the 100-day simple moving average. During the recent rise, there was a break above a couple of important resistances near the $4,000 and $4,200 levels (green area). It opened the doors for a sharp rally above the $4,800 and $5,000 levels.
More importantly, there was a break above the 50% Fib retracement level of the last significant drop from the $6,559 high to $3,122 low. The price settled above the $5,000 resistance area and recently tested the next major hurdle near $5,240-5,260. It represents the previous swing low near $5,250 (red line). Besides, the 61.8% Fib retracement level of the last significant drop from the $6,559 high to $3,122 low is also near the $5,240 level. Therefore, the recent downside correction was from a crucial technical resistance near $5,250.
Having said that, downsides are likely to be limited since there are many supports near $5,000, $4,900 and $4,840. If there is an extended correction, the price could test the $4,600 or $4,550 support. There is also a major connecting bullish trend line formed with support near $4,200 on the daily chart of the BTC/USD pair. The main support is near the previous breakout area near the $4,200 level.
Bitcoin Price Analysis BTC Chart
Looking at the chart, bitcoin price clearly moved into a strong uptrend above $5,000. It is currently facing a crucial resistance near $5,240, above which there are chances of more upsides towards the $5,500 or $5,750 level. The final stop for buyers could be $6,000 if there is a proper follow through above $5,500. On the downside, buyers are likely to remain active near $4,840 or $4,600 in the near term.
Technical indicators:
Daily MACD – The MACD is placed heavily in the bullish zone.
Daily RSI (Relative Strength Index) – The RSI for BTC/USD climbed above the 80 level and currently flat near 87.
Major Support Levels – $4,840 followed by $4,600. ;)
Major Resistance Levels – $5,250, $5,500 and $5,750. ::)
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Bitcoin (BTC) Price Signaling Bullish Continuation With Bulls In Control
(https://www.newsbtc.com/wp-content/uploads/2019/04/Bitcoin-13.png)
Bitcoin price corrected lower recently and tested the $4,920 support area against the US Dollar.
The price recovered nicely recently and traded above the $5,040 and $5,100 resistance levels.
There is a major breakout pattern in place with resistance at $5,130 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to accelerate higher and it could even surpass the $5,180 and $5,220 resistances.
Bitcoin price likely completed a downside correction near $4,900 against the US Dollar. BTC is grinding higher and the current price action is indicating bullish continuation above the $5,200 level.
Bitcoin Price Analysis
Recently, we saw a solid downside correction from the $5,460 swing high in bitcoin price against the US Dollar. The BTC/USD pair declined below the $5,300 and $5,200 support levels. There was even a close below the $5,200 level and the 100 hourly simple moving average. However, as discussed in one of the recent analysis, bitcoin did find a strong support near the $4.9K-5.0K zone. The price traded towards the $4,900 support and formed a low near the $4,922 level.
Recently, there was a solid upward move and the price recovered above the $5,000 and $5,040 resistance levels. There was even a close above the $5,080 level and the 23.6% Fib retracement level of the last decline from the $5,462 high to $4,922 low. The price is now approaching a significant resistance near the $5,150 level. Besides, the 100 hourly SMA is also positioned near the $5,160 level to act as a resistance. More importantly, there is a major breakout pattern in place with resistance at $5,130 on the hourly chart of the BTC/USD pair.
Above $5,160, the price could test the 50% Fib retracement level of the last decline from the $5,462 high to $4,922 low. If bitcoin gains pace above the $5,180 and $5,200 resistance levels, there could be a solid upward move towards the $5,300 and $5,350 levels. In the mentioned case, the crypto market could gain traction, with bullish moves in Ethereum, ripple, litecoin and others.
Bitcoin Price Analysis BTC Chart
Looking at the chart, bitcoin price is showing signs of a solid comeback above $5,100. Having said that, bulls need to surpass the $5,180 and $5,200 resistance levels. If they fail, the price may decline once again below the $5,100 and $5,040 support levels. On the upside, the main target for bulls could be $5,350.
Technical indicators:
Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is back above the 50 level, with a bullish angle.
Major Support Levels – $5,040 followed by $5,000.
Major Resistance Levels – $5,150, $5,180 and $5,200.
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Bitcoin (BTC) Price Hesitates But More Upsides Seem Likely
(https://www.newsbtc.com/wp-content/uploads/2019/04/Bitcoin-21.png)
There was a slow and steady rise in bitcoin after it tested the $4,920 area against the US Dollar.
The price climbed higher steadily and broke the $5,200 resistance area to move into a positive zone.
There is a key ascending channel in place with support at $5,270 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair could dip in the short term, but buyers are likely to buy heavily near $5,270 or $5,250.
Bitcoin price is showing positive signs above the $5,200 pivot level against the US Dollar. BTC could accelerate higher once it clears the $5,400 resistance area in the near term.
Bitcoin Price Weekly Analysis (BTC)
This past week, there was a downside extension below the $5,000 level in bitcoin price against the US Dollar. The BTC/USD pair traded below the $4,950 level before buyers took a stand above the $4,920 level. A swing low was formed at $4,922 and later the price started consolidating in a range. Finally, there was a fresh increase above the $5,160 resistance and the 100 simple moving average (4-hours). The price broke the $5,200 level and the 50% Fib retracement level of the last slide from the $5,462 high to $4,922 low.
The recent upward move was positive since there was a close above the $5,200 and $5,250 levels. However, the price seems to be struggling near the $5,350 resistance. There was also no close above the 76.4% Fib retracement level of the last slide from the $5,462 high to $4,922 low. A successful close above the $5,350 level may perhaps open the doors for more upsides above the $5,400 and $5,450 levels. A break above the last high near $5,462 could trigger a strong upward move towards $5,600 or $5,800.
On the downside, there is a decent support formed above $5,270. There is also a key ascending channel in place with support at $5,270 on the 4-hours chart of the BTC/USD pair. If there is a break below the channel support at $5,270, the price could test the $5,160 support level and the 100 simple moving average (4-hours).
Bitcoin Price Weekly Analysis BTC Chart
Looking at the chart, bitcoin price is trading nicely above key supports near $5,200. If there is a short term downside correction, buyers are likely to protect $5,270 or $5,200. Only a daily close below $5,160 could put buyers on the back foot. The next key support is at $5,040, followed by the $4,922 swing low.
Technical indicators
4 hours MACD – The MACD for BTC/USD is slightly placed in a bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is slowly moving lower towards the 50 level.
Major Support Level – $5,160
Major Resistance Level – $5,400
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"Major Support Level – $5,160" i dont think so. Level 5270 is more appropriate
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For a few days they are trading near the level of 5360, this level can not be done. I hope today the bulls will gain strength
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Bitcoin (BTC) Price Eyeing Last Line Of Defense: Buy Dips?
(https://www.newsbtc.com/wp-content/uploads/2019/04/Bitcoin-28.png)
There was a strong decline in bitcoin price below the $5,280 support level against the US Dollar.
The price even spiked below the $5,000 support level and it is currently consolidating above $5,100.
There is a major bullish trend line in place with support at $5,080 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair could bounce back as long as there is no weekly close below the $5,000 support level.
Bitcoin price started consolidating losses after a strong decline against the US Dollar. BTC is likely to recover above $5,200 and $5,280 in the near term unless the $5,000 gives way.
Bitcoin Price Weekly Analysis (BTC)
This past week, there was a significant rejection in bitcoin price near the $5,660 level against the US Dollar. The BTC/USD pair started a strong downward move below $5,400 after tether’s drama. The price tumbled below the key $5,280 and $5,200 support levels. There was even a spike below $5,000, plus a close below the 100 simple moving average (4-hours). A swing low was formed near the $4,910 level and recently the price recovered above $5,000 and $5,050.
At the moment, the price is testing the 50% Fib retracement level of the last drop from the $5,510 swing high to $4,910 swing low. However, the $5,220 area and the 100 simple moving average (4-hours) are acting as hurdles. Above $5,220, there is a major resistance near $5,280 and a connecting bearish trend line. The 61.8% Fib retracement level of the last drop from the $5,510 swing high to $4,910 swing low is also near the $5,280 level. A successful close above the $5,280 level might trigger a decent recovery in the near term.
On the downside, there is a major bullish trend line in place with support at $5,080 on the 4-hours chart of the BTC/USD pair. The trend line support near $5,080 is very important, below which the price could test $5,000. If there is a daily close below $5,000, the price is likely to move further into a bearish zone. In the mentioned case, the price will most likely test $4,800 or $4,750.
Bitcoin Price Weekly Analysis (BTC)
Looking at the chart, bitcoin price faced a strong selling interest below $5,400. However, it managed to stay above the $5,000 support. Therefore, there are chances of a recovery above the $5,280 resistance levels. If there is a close above $5,280, there are chances of move towards $5,400 or even $5,500.
Technical indicators
4 hours MACD – The MACD for BTC/USD is slowly moving into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is back above the 40 level, with a few positive signs.
Major Support Level – $5,050 :)
Major Resistance Level – $5,280 :o
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Bitcoin (BTC) Price Near Crucial Juncture: Can Bulls Gain Traction?
(https://www.newsbtc.com/wp-content/uploads/2019/04/Bitcoin-29.png)
Bitcoin price rebounded above $5,100 after a massive drop towards $4,900 against the US Dollar.
The price seems to be facing a strong resistance near the $5,200 and $5,220 levels.
There is a major bearish trend line in place with resistance near $5,230 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could either rally above the $5,250 resistance or start a fresh decline in the near term.
Bitcoin price is facing a significant resistance against the US Dollar. BTC is likely to climb sharply if it settles above $5,250 and the 100 hourly simple moving average.
Bitcoin Price Analysis
This past week, there was a sharp drop in bitcoin price below the $5,200 support against the US Dollar. The BTC/USD pair even spiked below the $5,000 support level and formed a swing low above $4,900. Later, the price started a slow and steady recovery above the $5,000 and $5,050 resistance levels. The bulls even pushed the price above the $5,100 resistance and the 23.6% Fib retracement level of the last slide from the $5,509 high to $4,905 low.
It opened the doors for more gains above the $5,150 level, but the price struggled to clear the $5,200 and $5,220 resistance levels. It seems like the 50% Fib retracement level of the last slide from the $5,509 high to $4,905 low is acting as a hurdle. Besides, the 100 hourly simple moving average is also acting as a key resistance near $5,220. More importantly, there is a major bearish trend line forming with resistance near $5,230 on the hourly chart of the BTC/USD pair.
Therefore, the price must break the $5,220 resistance, the trend line, and the 100 hourly SMA. A successful close above $5,250 is likely to start a decent upward move towards the $5,300 level. The next major resistance for the bulls is near the $5,380 level. On the other hand, if there is no upside break, the price may decline below $5,150. An initial support is near the $5,100 level, below which the next stop could be $5,050.
Bitcoin Price Analysis BTC Chart
Looking at the chart, bitcoin price is clearly trading near a crucial juncture below $5,220 and $5,250. If the bulls gain control above $5,220 and $5,250, there could be a decent extension towards the $5,380 resistance level. Conversely, a continuous struggle to clear $5,250 is likely to start a fresh decrease towards the $5,100 or $5,050 level in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly moving in the bullish zone, with a few positive signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD managed to move back above the 50 level.
Major Support Levels – $5,150 followed by $5,100. :o
Major Resistance Levels – $5,200, $5,220 and $5,250. ;)
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I think growth will continue
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Everything is clear, we will trade in both directions from 5200
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Everything is clear, we will trade in both directions from 5200
How is it going? Earn it turned out?
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Everything is clear, we will trade in both directions from 5200
How is it going? Earn it turned out?
Yes, it turned out to make money, as you see, we are going to the top
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Bitcoin (BTC) Price Target Strong Gains: Trend Accurately Bullish
(https://www.newsbtc.com/wp-content/uploads/2019/05/Bitcoin-3.png)
Bitcoin price is following a steady uptrend and recently broke $5,450 against the US Dollar.
The price surged above $5,580 against the USDT and it is currently near $5,500 vs USD on Kraken.
Yesterday’s two bullish trend lines are intact with support near $5,410 and $5,380 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to accelerate gains above the $5,500 and $5,550 levels in the coming sessions.
Bitcoin price is climbing steadily against the US Dollar, while surging versus USDT. BTC is likely to remain in an uptrend towards the $5,600 and $5,650 resistance levels.
Bitcoin Price Analysis
After forming a strong support near $5,120, bitcoin price started a solid uptrend against the US Dollar. The BTC/USD pair broke the $5,300 and $5,380 resistance levels to enter a bullish zone. There was a positive close above the $5,400 level and the 100 hourly simple moving average. The price extended gains above the $5,450 level recently and traded to a new weekly high at $5,500. The current price action is very positive, signaling more gains above $5,550 and $5,600.
An immediate support is at $5,470, and the 23.6% Fib retracement level of the recent move from the $5,372 low to $5,500 high. However, the main support is near the $5,420 level. An intermediate support is at $5,435, and the 50% Fib retracement level of the recent move from the $5,372 low to $5,500 high. Besides, yesterday’s two bullish trend lines are intact with support near $5,410 and $5,380 on the hourly chart of the BTC/USD pair. Therefore, if there is a downside correction, the price is likely to find bids near $5,430 or $5,400.
On the upside, a clear break above the $5,550 and $5,520 levels is likely to push the price towards the $5,600 level. The next key resistance is at $5,640, above which the price may test the $5,700 barrier.
Bitcoin Price Analysis BTC Chart
Looking at the chart, bitcoin price is clearly trading in a strong uptrend above $5,400. Looking at the USDT pairs, BTC traded towards $5,600 on binance, and above $5,800 on bitfinex. The overall price action is very bullish and it seems like there could be more gains above $5,500 versus USD. In the short term, there could be a downside correction, but dips remain well supported near the $5,400 pivot level. Only a close below $5,280 and the 100 SMA might negate the current bullish view.
Technical indicators:
Hourly MACD – The MACD is gaining strong momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone.
Major Support Levels – $5,420 followed by $5,400. :)
Major Resistance Levels – $5,520, $5,550 and $5,600. ::)
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rose to 6000 faster than I thought. I thought only in June will be so much
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Bitcoin (BTC) Price Flirting With Key Support: Fresh Rise Likely
(https://www.newsbtc.com/wp-content/uploads/2019/05/Bitcoin-6.png)
Bitcoin price corrected lower recently after trading above the $5,800 level against the US Dollar.
The price declined below the $5,700 level and tested an important support near $5,580.
There is a key bullish trend line forming with support near $5,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to bounce back above $5,700 as long as it is above $5,600 and $5,540.
Bitcoin price remains well supported on the downside above $5,500 against the US Dollar. BTC could start a fresh rise if it clears the $5,700 and $5,780 resistance levels.
Bitcoin Price Analysis
This past week, we saw a strong rise in bitcoin price above the $5,700 resistance against the US Dollar. The BTC/USD pair even broke the $5,800 level and settled well above the 100 hourly simple moving average. The price traded to a new 2019 at $5,837 and recently started a downside correction. It traded below the $5,700 support and the $5,650 pivot level. However, the price remained well bid above the $5,540 and $5,580 support levels.
More importantly, the price is holding the 100 hourly simple moving average and is currently above $5,600. There is also a key bullish trend line forming with support near $5,600 on the hourly chart of the BTC/USD pair. An immediate resistance is near $5,685, and the 50% Fib retracement level of the recent decline from the $5,782 high to $5,584 low. However, the main resistance is near the $5,760 level and a connecting bearish trend line on the same chart. A successful close above $5,760 and $5,780 might push the price above the $5,800 and $5,850 levels.
On the downside, the main support is near the $5,600 level and the 100 hourly SMA. Below $5,600, the next key support is near the $5,540 level, where the bulls may emerge. If there is a downside break below $5,540, the price may revisit the last line of defense near $5,420. Any further losses may push the price in a short term bearish zone towards $5,200 or $5,100.
Bitcoin Price Analysis BTC Chart
Looking at the chart, bitcoin price is currently trading above important support near $5,600 and $5,580. Therefore, there are high chances of a fresh rise above $5,700 and $5,760. If the bulls regain momentum, the price could even trade to a new 2019 high above the $5,850 level in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is currently placed in the bearish zone, with a few negative signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently recovering, but it is still well below the 50 level.
Major Support Levels – $5,600 followed by $5,540 :)
Major Resistance Levels – $5,680, $5,700 and $5,760 :o
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as for me 5400 is more likely
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(https://www.newsbtc.com/wp-content/uploads/2019/05/Bitcoin-7.png)
Bitcoin price rallied another 4% and climbed above $5,850 against the US Dollar.
The price is surging higher, but there are many hurdles near $6,000, $6,070 and $6,100.
There was a break above a crucial bearish trend line at $4,730 on the daily chart of the BTC/USD pair (data feed from Kraken).
The pair could spike above $6,000 or even towards $6,800 before correcting lower sharply.
Bitcoin price is surging higher towards $6,000 against the US Dollar. BTC could extend gains, but it is facing two important hurdles near $6,100 and $6,800 on the daily chart.
Bitcoin Price Analysis
In the past few days, there was a steady rise in bitcoin price from the $4,000 swing low against the US Dollar. The BTC/USD pair broke the $4,400 and $4,700 resistance levels to start a strong upward move. There was even a close above the $4,200 resistance and the 100-day simple moving average. The bulls pushed the price above the 50% Fib retracement level of the last major decline from the $6,562 high to $3,115 low.
More importantly, there was a break above a crucial bearish trend line at $4,730 on the daily chart of the BTC/USD pair. Recently, the pair broke the $5,250 and $5,500 resistance levels to extend gains. It is now trading well above the 76.4% Fib retracement level of the last major decline from the $6,562 high to $3,115 low. These all are positive signs, suggesting more gains above the $5,900 level. However, there are many hurdles on the upside near the $6,000, $6,070 and $6,100 levels. The $6,070 level was the previous breakdown support and it may now prevent gains.
If there is an upside break above $6,100, there could be an upside extension towards the $6,532 swing high. The main resistance above $6,500 is near the $6,800 level, the main pivot zone of Oct 2018. Therefore, there are chances of a strong bearish reaction from $6,100, $6,500 or $6,800 in the coming days.
Bitcoin Price Analysis BTC Chart
Looking at the chart, bitcoin price seems to be gaining pace above the $5,500 and $5,600 levels. Having said that, the bulls are likely to face a strong offer zone near $6,000, $6,070 and $6,100. If there is a successful close above $6,100, the price may climb higher towards $6,500 or even $6,800 before starting a substantial downside correction. On the downside, there are many supports near $5,540, $5,450 and $5,250. Below these, the price may revisit $5,000.
Technical indicators:
Daily MACD – The MACD is gaining bullish momentum with many positive signs.
Daily RSI (Relative Strength Index) – The RSI for BTC/USD climbed above the 70 level and it seems to be heading towards the 80 level.
Monthly Support Levels – $5,450 followed by $5,250. ;)
Monthly Resistance Levels – $6,070, $6,500 and $6,800. ::)
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Bitcoin (BTC) Price Defies Gravity With Upsurge, Bulls Aiming $6.5K
(https://www.newsbtc.com/wp-content/uploads/2019/05/Bitcoin-10.png)
Bitcoin price was unfazed and it recently broke the $6,200 resistance level against the US Dollar.
The price even broke the $6,300 level and it seems like the bulls are now aiming $6,500.
There is a major bullish trend line forming with support at $6,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could find a strong buying interest if it corrects lower towards $6,100 or $6,000.
Bitcoin price rallied more than 4% and cleared $6,300 against the US Dollar. BTC remains in a strong uptrend and it seems like the bulls are now aiming a test of $6,400 or even $6,500.
Bitcoin Price Analysis
This week, bitcoin price overcame all hurdles and rallied above $6,000 and $6,200 against the US Dollar. The BTC/USD pair gained bullish momentum after it settled above $6,100 and the 100 hourly simple moving average. Recently, it broke a bullish flag pattern with resistance near $6,040 on the hourly chart to start a strong upward move. As a result, the bulls pushed the price above the $6,250 and $6,300 resistance levels. A new 2019 high was formed at $6,315 and the price is likely to extend gains.
An initial support is near the $6,230 level, and the 23.6% Fib retracement level of the recent rally from the $5,961 low to $6,315 high. If there is a downside extension, the next key support could be $6,140. It represents the 50% Fib retracement level of the recent rally from the $5,961 low to $6,315 high. More importantly, there is a major bullish trend line forming with support at $6,050 on the hourly chart of the BTC/USD pair. Moreover, the previous resistance area near $6,050 is likely to act as a strong buy zone if the price corrects lower.
Besides, the price is now well above the $6,000 pivot level and the bullish 100 hourly SMA. Therefore, there are chances of more upsides above the $6,300 and $6,350 levels. The next main hurdle is near the $6,400 level, above which the price could rally towards the $6,500 level.
Bitcoin Price Analysis BTC Chart
Looking at the chart, bitcoin price is gaining bullish momentum above $6,200 and $6,300, with no major bearish sign. In the short term, there could be a few bearish moves, but dips remain supported near the $6,200 and $6,100 levels. Only a daily close below $6,000 and the 100 hourly SMA could start a substantial downside correction.
Technical indicators:
Hourly MACD – The MACD is currently placed heavily in the bullish zone, with positive signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD
is currently correcting lower in the overbought zone.
Major Support Levels – $6,200 followed by $6,140 :)
Major Resistance Levels – $6,300, $6,400 and $6,500 :o
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Bitcoin (BTC) Price Forecast Remains Bullish: Bulls Target $8.5K and $9K
(https://www.newsbtc.com/wp-content/uploads/2019/05/Bitcoin-14.png)
Bitcoin price surged more than 10% and broke the key $8,000 barrier against the US Dollar.
The price traded to a new 2019 high close to $8,180 and remains in a strong uptrend.
There is a short term bullish pattern forming with resistance near $8,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could rally further towards $8,500 once it breaks $8,050 and $8,100.
Bitcoin price rallied significantly and broke $8,000 against the US Dollar. BTC bulls remain in full control and they are likely to target the $8,500 level in the coming sessions.
Bitcoin Price Analysis
There was no stopping bitcoin after it broke the $7,500 resistance level against the US Dollar. The BTC/USD pair started a fresh rally after forming a swing low at $6,995. It broke the $7,200 and $7,500 resistance levels, plus remained well above the 100 hourly simple moving average. Finally, the bulls were able to clear the last swing high near $7,580 and pushed the price towards the $8,000 barrier. There was a clear break above the $8,000 barrier and the price posted a new 2019 high close to $8,180.
Recently, there was a sharp downside correction below $7,850 and the 23.6% Fib retracement level of the upward move from $6,995 low to $8,172 high. The price even dipped below the $7,800 level. However, the $7,600 level acted as a strong support. Besides, the 50% Fib retracement level of the upward move from $6,995 low to $8,172 high acted as a support. The price is now back above $7,800 and $7,950. Moreover, there is a short term bullish pattern forming with resistance near $8,050 on the hourly chart of the BTC/USD pair.
The pair seems to be ready to clear the triangle resistance at $8,050 and trade towards the $8,172 swing high. Additionally, there are high chances of a break above the $8,200 and $8,320 resistance levels. The next stop for the bulls could be $8,500.
Bitcoin Price Analysis BTC Chart
Looking at the chart, bitcoin price is likely setting up for more gains above the $8,050 and $8,150 levels. Conversely, if there is a downside correction, the price may find buyers near the $7,950 and $7,840 levels. The main support for the current wave is near $7,580 (the recent breakout level). The overall price action is super bullish, with technical indicators pointing a run towards $8,500 or even $9,000.
Technical indicators:
Hourly MACD – The MACD is sighting a fresh increase in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 55 and 60 levels.
Major Support Levels – $7,950 followed by $7,840 :)
Major Resistance Levels – $8,050, $8,170 and $8,320 :o
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Bitcoin (BTC) Price Primed To Break $8.5K, Dips Remain Supported
(https://www.newsbtc.com/wp-content/uploads/2019/05/Bitcoin-15.png)
Bitcoin price started a downside correction after trading close to $8,350 against the US Dollar.
The price declined below the $8,000 support and tested the $7,600-7,630 support area.
There is a short term bearish trend line forming with resistance near $8,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could retest the $7,600 support area before it could start a fresh increase above $8,200.
Bitcoin price corrected lower recently below $8,000 against the US Dollar. However, BTC remains well bid above $7,600 and it is likely to climb back above $8,200 and $8,300.
Bitcoin Price Analysis
Yesterday, we saw an extended rally in bitcoin price above the $8,000 barrier against the US Dollar. The BTC/USD pair broke the $8,200 and $8,300 resistance levels. It traded close to the $8,340 level and a new 2019 high was formed at $8,338. Later, the price started a downside correction below the $8,200 support, but remained well above the 100 hourly simple moving average. The price declined below the $8,000 support level and traded close to the key $7,600 support area. A swing low was formed at $7,631 and the price recovered recently above $8,000.
There was a break above the 50% Fib retracement level of the recent decline from the $8,338 high to $7,631 low. However, the price seems to be facing a strong resistance near $8,150. The 61.8% Fib retracement level of the recent decline from the $8,338 high to $7,631 low is also preventing an upside break. Moreover, there is a short term bearish trend line forming with resistance near $8,100 on the hourly chart of the BTC/USD pair. Therefore, the pair needs to clear the trend line and $8,150 to start a fresh increase.
On the upside, an immediate resistance above $8,150 is at $8,220. The next key resistance is near the $8,340 level, above which the price could test the $8,500 level. The 1.236 Fib extension level of the recent decline from the $8,338 high to $7,631 low is also near the $8,505 level.
Bitcoin Price Analysis BTC Chart
Looking at the chart, bitcoin price is currently consolidating above the $8,000 level. In the short term, there could be another drop towards $7,850 or even $7,630. However, there are many support on the downside near the $7,580 and $7,600 levels. Besides, this week’s followed important bullish trend line is intact with support at $7,580. As long as the price is above the trend line support, it is likely to break $8,150 and $8,340.
Technical indicators:
Hourly MACD – The MACD is likely to move back in the bullish zone
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently flat above the 50 level
Major Support Levels – $7,850 followed by $7,630 :)
Major Resistance Levels – $8,100, $8,150 and $8,340 ;)