Bitcoin (BTC) Price Forecast Remains Bullish: Bulls Target $8.5K and $9K @newsbtc #Analysis #Technical #bitcoin #btc

• Bitcoin price surged more than 10% and broke the key $8,000 barrier against the US Dollar.
• The price traded to a new 2019 high close to $8,180 and remains in a strong uptrend.
• There is a short te...
  • Bitcoin price surged more than 10% and broke the key $8,000 barrier against the US Dollar.
  • The price traded to a new 2019 high close to $8,180 and remains in a strong uptrend.
  • There is a short term bullish pattern forming with resistance near $8,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could rally further towards $8,500 once it breaks $8,050 and $8,100.

  Bitcoin price rallied significantly and broke $8,000 against the US Dollar. BTC bulls remain in full control and they are likely to target the $8,500 level in the coming sessions.

  Bitcoin Price Analysis

  There was no stopping bitcoin after it broke the $7,500 resistance level against the US Dollar. The BTC/USD pair started a fresh rally after forming a swing low at $6,995. It broke the $7,200 and $7,500 resistance levels, plus remained well above the 100 hourly simple moving average. Finally, the bulls were able to clear the last swing high near $7,580 and pushed the price towards the $8,000 barrier. There was a clear break above the $8,000 barrier and the price posted a new 2019 high close to $8,180.

  Recently, there was a sharp downside correction below $7,850 and the 23.6% Fib retracement level of the upward move from $6,995 low to $8,172 high. The price even dipped below the $7,800 level. However, the $7,600 level acted as a strong support. Besides, the 50% Fib retracement level of the upward move from $6,995 low to $8,172 high acted as a support. The price is now back above $7,800 and $7,950. Moreover, there is a short term bullish pattern forming with resistance near $8,050 on the hourly chart of the BTC/USD pair.

  The pair seems to be ready to clear the triangle resistance at $8,050 and trade towards the $8,172 swing high. Additionally, there are high chances of a break above the $8,200 and $8,320 resistance levels. The next stop for the bulls could be $8,500.

  

  Looking at the chart, bitcoin price is likely setting up for more gains above the $8,050 and $8,150 levels. Conversely, if there is a downside correction, the price may find buyers near the $7,950 and $7,840 levels. The main support for the current wave is near $7,580 (the recent breakout level). The overall price action is super bullish, with technical indicators pointing a run towards $8,500 or even $9,000.

  Technical indicators:

  Hourly MACD – The MACD is sighting a fresh increase in the bullish zone.

  Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 55 and 60 levels.

  Major Support Levels – $7,950 followed by $7,840.

  Major Resistance Levels – $8,050, $8,170 and $8,320.

  The post Bitcoin (BTC) Price Forecast Remains Bullish: Bulls Target $8.5K and $9K appeared first on NewsBTC.

  
  
  source https://www.tokentalk.co/NewsBTC/bitcoin-btc-price-forecast-remains-bullish-bulls-target-85k-and-9k-5cda59612550f5040948c289