Bitcoin (BTC) Price Forecast Above $8,300 Pointing to Larger Rally In A Days/Days

Bitcoin price is holding gains above $7,800 and $8,000 against the US Dollar. BTC seems to be setting up for a monster bullish break above $8,300 in the near term. Bitcoin price is clearly forming a crucial breakout pattern with resistance near $8,200.

newsbtc.com reports

newsbtc.com reports

Bitcoin PriceAnalysis (BTC)

This past week, bitcoin price corrected lower below $7,660 against the US Dollar. Dips remain protected and the price recently bounced back above $7,600 and $7,800. There was a strong upward move above the $8,000 level and the price remained well above the 100 simple moving average (4-hours). The price tested the $8,200 resistance level and it is currently correcting gains, newsbtc.com reports.

More importantly, it seems like there is a crucial contracting triangle forming with resistance near $8,200 on the 4-hours chart of the BTC/USD pair. If there is a downside break below the triangle support at $7,840, the price could test the $7,600 support. The 100 simple moving average (4-hours) is also near the $7,600 level. If there is an upside break above the $8,200 resistance, the price could start a strong rally. The next immediate resistance is at $8,300, above which the next target might be $8,500 or $8,800.

The next immediate resistance is at $8,300, above which the next target might be $8,500 or $8,800

 

Categories: cryptocurrency, Gaming News, Technology

Tags: , , , , , , , , , , , , , , , , , , , , 

Mohsen Daemi
Latest posts by Mohsen Daemi (see all)