Bitcoin technical analysis: BTC/USD consolidation above $8,000 necessary for the next rally
|- Bitcoin will have to ensure the fluctuating movements witnessed but the long-term outlook is bullish.
- The forming falling wedge pattern signifies that a breakout is imminent.
Spot rate: $8,139
Trend: Strongly bearish in the near-term.
Support: $7,800, $7,700 and $7,500
Resistance: $8,400, $8,800 and $8,800
BTC/USD four-hour chart
Bitcoin bullish mojo runs out moves under $8,400. The price stays depressed under the descending trendline resistance.
Any dips under $8,000 are likely to bounce back owing to the support between $7,500 and $7,800.
BTC/USD daily chart
The Moving Average Convergence Divergence (MACD) suggests that the bulls have the upper hand.
The forming falling wedge pattern could eventually thrust Bitcoin above $9,000.
BTC/USD weekly chart
Bitcoin price stays above simple moving average 100 as it approaches an impending breakout from the still-forming falling wedge pattern.
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