Bitcoin price surged above the $8,000 and $8,250 resistances this week. BTC is currently correcting gains, while altcoins like Ethereum, ripple, BCH, XLM, ADA, TRX, and NEO rally sharply.

  • There were sharp gains in bitcoin price above the $7,500 and $8,000 resistance.
  • There is a short term ascending channel forming with support at $8,070 on the 30-minute chart.
  • BTC could correct towards the $7,920 or $7,655 support levels before a fresh increase.

Bitcoin Price

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Bitcoin Price Analysis (BTC to USD)

After a strong rally above the $8,000 barrier, bitcoin price faced resistance near the $8,300 and $8,350 levels. BTC started trading sideways, but most major altcoins (Ethereum, ripple, bitcoin cash, stellar, cardano, tron, BNB and EOS) started a significant uptrend with strong bullish moves.

Bitcoin Price Analysis (BTC to USD) Chart

Click to Enlarge Chart

Looking at the 30-minute chart of BTC/USD, the pair extended gains above the key $8,000 resistance level and settled nicely above the 25 simple moving average (30-minute). The pair even broke the $8,250 resistance and traded close to $8,350.

During the upward move, the price broke the last swing high near the $8,194 level. It tested the 1.236 Fib extension level of the downside correction from the $8,194 high to $7,651 low.

However, the price failed to surpass the $8,350 resistance and recently corrected lower. It traded below the $8,300 and $8,250 support levels. An immediate support is near the $8,080 level. There is also a short term ascending channel forming with support at $8,070 on the same chart.

It seems like the price could break the channel support and test the $7,920 support area. If there are additional losses, the price is likely to retest the key $7,655 support area.

Once bitcoin completes the current downside correction near $7,920 or $7,650, it is likely to bounce back in the coming sessions. On the upside, an initial resistance is near $8,250, above which the price is likely to climb above the $8,300 and $8,350 resistance levels.

In the past three sessions, stellar (XLM) gained more than 15% and it even broke the $0.1300 and $0.1500 resistance levels. Many coins are up more than 15%, including ETH, ETC, XTZ and QTUM.

The market data is provided by TradingView, Bitfinex.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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