Bitcoin price analysis: Barriers ahead but supports at rescue

BTC nearing a resistance.
Support nearby to help the bounce.

Manoj B Rawal Independent Analyst

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:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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