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Bitcoin (BTC) Shows Signs of Important Reversal, $8.8K Next?

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Bitcoin (BTC) Shows Signs of Important Reversal, $8.8K Next?

Bitcoin price is up more than 5% and it broke the key $8,500 resistance against the US Dollar.The price is currently consolidating gains above the $8,500 and $8,400 support levels.There is a short term breakout pattern forming with support near $8,540 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price is showing a lot of positive signs and it could continue to rise above $8,600 and $8,750.Bitcoin price is back in a positive zone above $8,500 against the US Dollar. BTC could correct in the short term, but it remains well supported above $8,350.Bitcoin Price AnalysisYesterday, we saw a minor downside correction in BTC below the $8,200 support area against the US Dollar. We also Looking at the chart, bitcoin is clearly trading in a positive zone above the $8,500 pivot level. In the short term, there could be a downside correction, but the $8,400 and $8,350 levels are likely to protect losses.Technical indicators:Hourly MACD – The MACD is slowly moving in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still well above the 60 level.Major Support Levels – $8,540 followed by $8,400.Major Resistance Levels – $8,620, $8,700 and $8,800.

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Author: Aayush Jindal

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