Bitcoin Price (BTC) Primed For Lift-Off Towards $8,800
Bitcoin price is holding the $8,200 support area with positive moves against the US Dollar.
The price is likely to revisit the $8,500 resistance area and it might even surpass the stated level.
There is a new connecting bullish trend line forming with support near $8,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price remains well supported on the downside and it could climb higher towards $8,800.
Bitcoin (BTC) Turns Short Term Bearish But Holding Key Support
Tuesday December 10, 2019
Bitcoin price traded to a new weekly high at $7,664 and declined recently against the US Dollar. The price is now trading below the $7,420 and $7,400 support levels. There is a key bearish...
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Bitcoin price is showing signs of an extended recovery above $8,500 against the US Dollar. BTC is likely to rise slowly unless it breaks the $8,000 support area.
Bitcoin Price Analysis
After bitcoin failed near the $8,500 resistance, there was a downside correction against the US Dollar. The BTC/USD traded below the $8,400 and $8,300 levels. Moreover, there was a break below the $8,200 level. However, the 100 hourly simple moving average acted as a support and a low was formed near $8,175. Recently, the price started a fresh increase and traded above the $8,300 level.
There was a break above the 50% Fib retracement level of the last decline from the $8,536 high to $8,175 low. The price climbed above the $8,350 level and tested the $8,400 resistance. It seems like the 61.8% Fib retracement level of the last decline from the $8,536 high to $8,175 low is currently acting as a resistance. If there is an upside break above $8,400, the price is likely to retest $8,500.
If the bulls manage to surpass the $8,500 barrier, there are chances of more upsides. The next stop for them could be near the $8,800 level. The next key resistance area is near the $9,000 level. On the downside, there is a decent support forming near the $8,250 and $8,200 levels. Moreover, there is a new connecting bullish trend line forming with support near $8,300 on the hourly chart of the BTC/USD pair.
If there is another decline, the trend line support or $8,250 might prevent losses. If the bulls fail to protect $8,250 and $8,200, the price may perhaps test the $8,000 support. Any further losses may perhaps push the price back into a bearish zone towards $7,500.
Analysts Fear the Worst as Bitcoin Price Readies to See 20% Breakout
Sunday December 15, 2019
Over the past week, Bitcoin has found itself flatlining, establishing a tight range in the low-$7,000s as volume tapers off. This consolidation has forced the Bollinger Bands, a moving average-based technical analysis tool often...
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Looking at the chart, bitcoin is holding a couple of important supports near $8,200. As long as there is no downside break below $8,200, the price is likely to rise slowly towards the $8,500 resistance or even $8,800.
Hourly MACD – The MACD is currently in the bullish zone, with positive signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower towards 55 and 50.
Major Support Levels – $8,200 followed by $8,000.
Major Resistance Levels – $8,400, $8,500 and $8,800.
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Matic Crypto Pump and Dump Reminder of How Dreams Can Turn To Nightmares
Tuesday December 10, 2019
Last night, the altcoin cryptocurrency known as Matic was the talk of the crypto community, as the asset had spent the week going on a circa-2017 Bitcoin-like parabolic run, only to drop over 70%...
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