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giovedì 23 aprile 2020

Bitcoin Price is Primed For Upsurge to $8,000 And Only 1 Thing is Holding it Back

Bitcoin is up close to 4% and it broke the key $7,000 resistance zone against the US Dollar. BTC price is likely to surge towards $8,000 if it clears the $7,280-$7,300 resistance zone.
  • Bitcoin remained well bid and it started a fresh increase above $7,000 against the US Dollar.
  • The bears failed to push the price below the $6,750-$6,800 support zone.
  • There was a break above a major bearish trend line with resistance near $7,035 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to accelerate towards the $8,000 level if it successfully clears the $7,280-$7,300 hurdle.

Bitcoin Showing Bullish Signs

Yesterday, bitcoin bears made a couple of attempts to push the price further lower below $6,800 against the US Dollar. They failed and it resulted in a bullish reaction in BTC above the $6,950 and $7,000 resistance levels.
The price even settled above the $7,000 level and the 100 hourly simple moving average. There was a clear break above the 50% Fib retracement level of the las key decline from the $7,295 high to $6,760 swing low.
More importantly, there was a break above a major bearish trend line with resistance near $7,035 on the hourly chart of the BTC/USD pair. The pair is now trading above the $7,100 level and approaching the $7,200 resistance.
Bitcoin Price
Bitcoin Price
It seems like the 76.4% Fib retracement level of the las key decline from the $7,295 high to $6,760 swing low is acting as a resistance. The main resistance on the upside is near the $7,280-$7,300 region.
If bitcoin successfully clears the $7,280-$7,300 hurdle, there could be a sharp upward move. An initial resistance is near the $7,500 level, above which the bulls are likely to aim a test of the $8,000 handle in the coming sessions.

Resistance Turned Support

If bitcoin starts a downside correction, it could revisit the $7,030 and $7,000 support levels. Besides, the 100 hourly simple moving average is also near the $7,030 level to act as a strong buy zone.
Any further losses below $7,000 and the 100 hourly SMA could negate the current bullish view. In the mentioned case, the price might revisit the $6,760 swing low in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly reducing its bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower from the 70 level.
Major Support Levels – $7,030 followed by $7,000.
Major Resistance Levels – $7,200, $7,280 and $7,500.
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Aayush Jindal
Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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