- Bitcoin correction above $8,300 is inevitable in the near-term.
- Bitcoin has tremendous support starting with $8,200.
Bitcoin price has been performing incredibly well since it reclaimed its position above $8,000. Prior to the gains experienced in the last couple of days, BTC/USD was stuck in a $600 narrow range. Key support at $7,500 allowed the bulls to focus on assaulting higher levels towards and beyond $8,000. Although Bitcoin made several unsuccessful attempts to sustain growth above $8,000 the breakout on Wednesday propelled it to levels close to $8,300. Further gains yesterday
Meanwhile, Bitcoin is trading at $8,250 amid a consolidation phase across the market. The retracement from the new weekly highs found support at $8,200. Building bullish momentum means that a break above $8,300 is inevitable in the coming sessions.
Meanwhile, the rising wedge pattern is also approaching a breakout that is likely to place Bitcoin in a fresh path towards the next resistance at $8,400. Looking at the chart, Bitcoin has tremendous support starting with $8,200, $8,100, $8,000 and $7,700. The 50 SMA and the 100 SMA currently playing catchup suggest further correction north
BTC/USD 1-hour chart
BEST BROKERS TO TRADE CRYPTO
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.