Bitcoin Technical Analysis: BTC/USD consolidates around $8,000

|ByRajarshi Mitra

BTC/USD Daily Chart

  • BTC/USD is currently trading for $8,020.
  • The bulls will be aiming for the $8,050 level in the short-term.
  • The price is currently consolidating in a flag formation priming for a breakout.
  • BTC/USD is comfortably trading above the SMA 200, SMA 50, and SMA 20 curves.
  • The Elliot wave oscillator shows 14 consecutive bullish sessions.

BTC/USD 4-Hour Chart

  • The 4-hour BTC/USD market has had a bullish outbreak from the triangle formation.
  • The chart overtook the upper curve of the 20-day Bollinger band five sessions back but then crept back inside towards the SMA 20 curve.
  • The price found support on the $7,770 line and bounced back up.
  • The relative strength index (RSI) indicator is creeping next to the overbought territory.

BTC/USD Hourly Chart

  • The hourly price is currently trending inside a cup and saucer pattern.
  • The price found support on the upward trending line and bounced back up.
  • The signal line is converging with the MACD line indicating decreasing bearish momentum.

Key Levels

 

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