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Bitcoin (BTC) Price Smashes Resistance: Primed For More Gains
Bitcoin price broke to the upside and cleared the $7,950 and $8,000 barriers against the US Dollar.The price even broke the $8,200 resistance area and it is currently correcting lower.There is another major breakout pattern forming with resistance near $8,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair is currently trading with a positive bias above the $8,100 and $8,000 support levels.Bitcoin price started a strong rise after it broke the $8,000 barrier against the US Dollar. BTC is back in a positive zone and it might continue to rise towards the $8,400 level.Bitcoin Price AnalysisRecently, bitcoin price Looking at the chart, bitcoin price is showing positive signs above the $8,000 and $8,100 support levels. In the short term, there could be a few swing moves, but the price is likely to hold the $8,000 support. As long as BTC is above $8,000, it could continue to grind higher.Technical indicators:Hourly MACD – The MACD is slowly moving in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level and is correcting lower.Major Support Levels – $8,100 followed by $8,000.Major Resistance Levels – $8,200, $8,300 and $8,380.
Author: Aayush Jindal
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