Tanya Abrosimova
Independent Analyst
- BTC/USD touched the area above $8,000, no breakthrough yet.
- The critical resistance lies with $8,250 handle.
Bitcoin is growing rapidly ahead of the European opening. The first digital coin has recovered from the intraday low at $7,760 and moved above $8,00 by the time of writing. While the breakthrough is yet to be confirmed, the upside trend is gaining traction.
Once this barrier is cleared, the bulls’ trend is likely to gain traction with the next focus on $8,250, created by a confluence of SMA100 and SMA50 (4-hour) and an upper line of the previous consolidation channel. A sustainable move higher will open up the way towards the next bullish aim at $8,900 (the upper line of 1-day Bollinger Band) and psychological $9,000.
On the downside, the support is created by the middle line of the 4-hour Bollinger Band at $7,790. It is followed by SMA200 (Simple Moving Average) 4-hour on approach to $7,600.
BTC/USD, 4-hour chart
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