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Bitcoin (BTC) Price Smashes Resistance: Bulls Target Fresh High

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Bitcoin (BTC) Price Smashes Resistance: Bulls Target Fresh High

Bitcoin price started a strong rise above the $7,800 and $8,000 resistances against the US Dollar.The price gained traction and even traded close to the $8,200 resistance area.This week’s followed important declining channel was breached near $7,960 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair is currently forming a triangle pattern and it could continue higher above $8,150 and $8,200.Bitcoin price jumped back into a positive zone above $7,800 against the US Dollar. BTC is currently forming a bullish pattern and it may continue to rise towards $8,300 an 8,500 in the near term.Bitcoin Price AnalysisRecently, we saw a Looking at the chart, bitcoin price clearly jumped back into a positive zone above $7,800. It is currently consolidating gains above the $8,000 level and the 100 hourly SMA. If there is a downside break below the 100 hourly SMA, the price could correct lower towards the $7,710 level. Below $7,710, the next key support is close to the $7,650 level.Technical indicators:Hourly MACD – The MACD is currently in the bearish zone, but it could move back in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is holding the main 50 level, with a few positive signs.Major Support Levels – $7,800 followed by $7,710.Major Resistance Levels – $8,050, $8,200 and $8,300.

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Author: Aayush Jindal

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