- BTC/USD has made another attempt to move above $8,000.
- Strong resistance is created on approach to $8,100.
On intraday timeframes, BTC/USD has been moving in a tight range with mildly bullish bias with the recent recovery attempts limited by $8,100 handle. This resistance area, strengthened by the upper line of 4-hour Bollinger Band, needs to be taken out before we can claim that the breakthrough is confirmed.
Once this happens, the upside may gain traction with the next focus on $8,200. This resistance area is created by the middle line of 1-day Bollinger Band, which is followed by SMA100 (Simple Moving Average) 4-hour (currently at $8,235). A sustainable move above this area will open up the way towards the next bullish aim of $8,500.
While the Relative Strength Index (RSI) on the intraday timeframes points upwards, the further upside is not yet guaranteed. If the price fails to settle above $8,000, the bearish sentiments will sweep through the market once again. In this case, the sell-off may take BTC towards the first support area created by a confluence of SMA50 and the middle line of 4-hour Bollinger Band. Once it is cleared, the downside momentum is likely to gain traction with the next focus on $7,640 (the lower edge of 4-hour Bollinger Band), and psychological $7,500.
At the time of writing, BTC/USD is changing hands at $8,018, marginally higher both on a day-on-day basis and since the beginning of Wednesday.
BTC/USD, 4-hour chart
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.