Manoj B Rawal
Independent Analyst
- BTC nearing a resistance.
- Support nearby to help the bounce.
Bitcoin, the poster boy of cryptocurrencies, suprised the skeptics in the last few days by bouncing from the troughs to reach beyond $8,000 and now is near the resistance level that might cut short its ongoing price rally.
BTC/USD is up about 0.3 percent at $8,205 and on the weekend trading in a narrow band of close to one percent. After rallying hard in the last few days, BTC has reached a resistance on the 120-minute chart that might curtail its ongoing price rally.
Solace for the bulls is that it may not fall too much from here as there's a medium term support at rescue around $8,000. So range for now for BTC could be placed at $8,000 - $8,250.
BTC/USD 120-minute chart:
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