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Bitcoin (BTC) Price Rallies 10%: Bulls Remain In Driver’s Seat

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Bitcoin (BTC) Price Rallies 10%: Bulls Remain In Driver’s Seat

Bitcoin price gained a strong bullish momentum and broke the key $8,300 resistance against the US Dollar.The price surged more than 10% and broke the $8,500 and $8,800 resistance levels.There was a break above a major triangle resistance near $8,020 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair traded close to the $9,000 level and it is currently correcting lower towards key supports.Bitcoin price rallied significantly after it broke $8,300 against the US Dollar. BTC is currently correcting gains, but it is likely to find support near $8,600 or $8,500.Bitcoin Price AnalysisAfter forming a Looking at the chart, bitcoin price clearly made a nice upward move above the $8,300 and $8,500 resistances. It almost tested the $9,000 level and currently correcting gains. However, there are many supports on the downside near the $8,600 and $8,500. On the upside, an initial resistance is near the $8,800 level, followed by $8,850. The main hurdle is near the $9,000 level, above which the bulls could aim the $9,280 and $9,500 levels in the coming sessions.Technical indicators:Hourly MACD – The MACD is currently showing a lot of positive signs in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower towards the 70 level.Major Support Levels – $8,600 followed by $8,500.Major Resistance Levels – $8,800, $8,900 and $9,000.

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Author: Aayush Jindal

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