Bitcoin (BTC) Price Hesitates But Fresh Rebound Seems Likely
- Bitcoin price is currently trading in a range below the $ 8,400 resistance area against the US Dollar.
- The price remains well supported on the downside near $ 8,200 and $ 8,150.
- There is a new breakout pattern forming with resistance near $ 8,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is likely to rebound above $ 8,400 and $ 8,460 as long as there is no daily close below $ 8,200.
Bitcoin price is trading in a range above the $ 8,200 support against the US Dollar. BTC needs to surpass the $ 8,400 and $ 8,460 resistance levels to start a fresh increase.
Bitcoin Price Analysis
In the past three sessions, there were mostly range moves in bitcoin below the $ 8,400 resistance against the US Dollar. Earlier, BTC price declined below the $ 8,200 support area and the 100 hourly simple moving average. A new weekly low was formed near $ 8,148 and recently the price started a decent upside correction. It broke the $ 8,200 and $ 8,300 levels to avoid any further losses.
Moreover, there was a break above the 50% Fib retracement level of the last slide from the $ 8,471 high to $ 8,148 swing low. The price even spiked above the $ 8,400 level and the 100 hourly simple moving average. However the upward move was capped and the bulls failed to gain momentum above $ 8,400. It seems like the 76.4% Fib retracement level of the last slide from the $ 8,471 high to $ 8,148 swing low acted as a strong resistance.
At the moment, the price is trading in a range below the $ 8,400 resistance area. Additionally, there is a new breakout pattern forming with resistance near $ 8,400 on the hourly chart of the BTC/USD pair. Above the triangle resistance, bitcoin price could face resistance near the $ 8,460 level. A successful close above $ 8,460 and a follow through above the $ 8,500 resistance might set the pace for a fresh increase in the near term.
On the downside, the triangle support is near the $ 8,280 level. If there is a downside break, the price could retest the main $ 8,200 support area. Should there be a daily close below the $ 8,200 support, the price may perhaps continue to slide towards the $ 8,000 and $ 7,800 support levels.
Looking at the chart, bitcoin seems to be setting up for the next break. There are high chances of a decent rebound above $ 8,400 as long as there is no daily close below $ 8,200.
Technical indicators:
Hourly MACD – The MACD is showing signs of ranging moves.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.
Major Support Levels – $ 8,200 followed by $ 8,150.
Major Resistance Levels – $ 8,400, $ 8,460 and $ 8,500.
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