Bitcoin price analysis: Its a breakout; 8,000 next?

BTC breaks out on the long term charts.
Next stop $7,800 and $8,000.

Manoj B Rawal Independent Analyst

Bitcoin, the largest cryptocurrency and the poster boy of the crypto world, has managed to cross past a very strong resistance line on the long term chart apart from sustaining past some long term moving averages and now is headed towards next round figure mark of $8,000.

BTC/USD is up half a percent on day at $7,049 and trading in less than one percent range for the day. On the daily chart, BTC has been able to cross past one critical long term ascedning trendline resistance that has been very stiff since January this year.

Also, the fact that the prices have been able to sustain past 21 days and 50 days simple moving averages, gives enough confidence to the bulls to continue riding this upmove, all the way towards next MA at $7,860, 200 days simple moving average that is and then round figure mark of $8,000.

BTC/USD daily chart:

Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

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.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.