Bitcoin Crucially Smashes Heavy Resistance: Next Bullish Levels Traders Should Watch | NewsBTC

Bitcoin rallied more than 5% and broke key hurdles near $8,250 and $8,500 against the US Dollar. BTC price might continue to rise towards $8,780 and $8,800 in the near term.

  • Bitcoin price is gaining bullish momentum above the $8,400 resistance against the US Dollar.
  • There was a crucial upside break above the range resistance near $8,200.
  • Yesterday’s highlighted important bearish trend line was breached with resistance near $8,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct in the short term, but dips remain supported near $8,460 and $8,330.

Bitcoin Rallies 5%, More Upsides Likely

Yesterday, we discussed the chances of an upside break in bitcoin above the $8,200 resistance against the US Dollar. BTC price did follow a positive bias and was able to break the key range resistance near $8,200.

Moreover, the bulls pushed the price above yesterday’s important bearish trend line with resistance near $8,150 on the hourly chart of the BTC/USD pair. It opened the doors for more gains and the price rallied above the $8,400 and $8,500 resistance levels.

Bitcoin Price

Finally, bitcoin traded to a new 2020 high at $8,627 and it is currently correcting lower. However, there are many supports on the downside, starting with $8,460 and up to $8,200.

On the upside, the $8,680 and $8,700 levels are initial hurdles for the bulls. If they are able to surpass the $8,700 level, the next key levels to watch are $8,800 and $8,950. The main target above $8,700 may perhaps be $9,000 in the coming sessions.

Pullbacks In BTC Remain Supported

In the short term, there could be a downside correction below $8,500. Ab initial support is near $8,460 and the 23.6% Fib retracement level of the recent rally from the $8,038 low to $8,627 high.

The next support is near the $8,300 area since it is close to the 50% Fib retracement level of the recent rally from the $8,038 low to $8,627 high. Any further losses could lead the price towards the main support at $8,200.

The recent breakout zone at $8,200 is likely to act as a strong support if bitcoin starts a downside correction from the current levels. The overall price action is positive, suggesting more upsides towards $8,800 and $9,000 in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 70 level, with signs of a correction.

Major Support Levels – $8,460 followed by $8,330.

Major Resistance Levels – $8,680, $8,800 and $9,000.

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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO , and should not be attributed to, CriptomonedaseICO .

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