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- There was a sharp upward move above $6,800 in bitcoin price against the US Dollar.
- The price is up more than 25% in the past few days and it tagged the $7,450 level recently.
- There is a major bullish trend line in place with support at $6,750 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair remains well supported and it seems like the bulls are now aiming $7,800 or $8,000.
Bitcoin price rallied significantly above $6,800 and $7,000 against the US Dollar. BTC seems to be following a nasty uptrend and it could even test $7,800 or $8,000 in the coming sessions.
Bitcoin Price Weekly Analysis (BTC)
This past week, bitcoin price started a strong upward move after it broke the $5,800 resistance against the US Dollar. The BTC/USD pair surpassed many hurdles near $6,000, $6,200 and $6,400. The recent upward move was such that the price even broke the key $6,850 and $7,000 resistance levels. Finally, there was an upsurge above $7,200 and the price settled well above the 100 simple moving average (4-hours). The price traded to a new 2019 high at $7,457 and recently corrected lower.
It traded below the $7,200 level, and the 23.6% Fib retracement level of the recent wave from the $6,238 swing low to $7,457 high. The price even spiked below the $7,000 level, but the $6,850 level acted as a support. BTC price tagged the 50% Fib retracement level of the recent wave from the $6,238 swing low to $7,457 high. There was a sharp bounce after the price tagged the $6,850 level. There is also a major bullish trend line in place with support at $6,750 on the 4-hours chart of the BTC/USD pair.
The pair is back above the $7,000 level and it seems to be preparing for more gains. An immediate resistance is at $7,220, above which the price may test the $7,350 level. Any further upsides could take the price towards the $7,500 resistance level. Above $7,500, the next key target for the bulls could be $7,800 or even $8,000.
Looking at the chart, bitcoin price is clearly in a strong uptrend above $6,850. In the short term, there could be swing moves towards $6,850 or even $6,600. However, the bulls remain in control and they are likely to aim a new high above $7,500 in the coming sessions. It would be interesting to see how the market reacts if the price reaches $8,000 in the next 24-48 hours.
Technical indicators
4 hours MACD – The MACD for BTC/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently placed heavily into the overbought zone.
Major Support Level – $6,850
Major Resistance Level – $7,500
