Key Points
- Bitcoin price is in super bullish trend and it recently traded above $7950 against the US Dollar.
- There is a connecting resistance trend line forming with current barrier near $8050 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
- The pair is now well supported above the $7500 level and eyes a new high above $8000.
Bitcoin price is gaining pace above $7500 against the US Dollar. BTC/USD might soon break $8000 for more gains above $8050.
Bitcoin Price Uptrend
There was a sharp bounce in bitcoin price from the $5800-6000 swing area against the US Dollar. The price moved above the $7000 and $7500 resistance levels. The upside move was strong and the price even traded close to the $8000 level. A new all-time high was formed at $7998 from where the price started a correction. It moved below the 50% Fib retracement level of the last wave from the $7105 low to $7998 high.
However, the downside move was supported by the $7500 level. Moreover, the 61.8% Fib retracement level of the last wave from the $7105 low to $7998 high also acted as a support. The price is now moving back higher and eyes a test of the $8000 level. On the upside, there is a connecting resistance trend line forming with current barrier near $8050 on the 4-hours chart of BTC/USD. The pair might test this trend line again and form a new all-time high above $8000 in the near term.
On the downside, the price is well above the $7500 support and the 100 simple moving average (H4). There is also a bullish trend line with support at $7650 on the same chart. Therefore, buying dips in the short term remains a good deal above $7500.
Looking at the technical indicators:
4-hours MACD – The MACD is gaining momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently well above the 50 level.
Major Support Level – $7500
Major Resistance Level – $8000
Charts courtesy – SimpleFX
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