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Bitcoin Price Analysis: The bitcoin bulls have 8K in thier sights

  • Bitcoin trades 0.61% higher on Friday but the bulls fail to capitalise of Thursday's gains.
  • The price seems to be stalling at the 38.2% Fibonacci retracement level.
Bitcoin Price Analysis: The bitcoin bulls have 8K in thier sights
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD daily chart

Bitcoin is still looking positive on Friday despite the bulls not pushing above the high seen yesterday. The price looks like its heading toward some more serious resistance zones including the 200 daily simple moving average, which incidentally is placed close to the 8K psychological level. 

Looking at some of the other technical levels now, the relative strength index indicator is also trading above the 50 mid-line positive territory. There is also space for the indicator to move higher as it has not reached the overbought zone yet. The volume is still looking a little bit light so if there is to be a break higher it would be good to see an increase. Lastly, if there is to be a move up, the black trendline could act as a resistance zone as it has halted one other move in the past.

Bitcoin 8K

Additional levels

BTC/USD

Overview
Today last price7538.3
Today Daily Change44.39
Today Daily Change %0.59
Today daily open7493.91
 
Trends
Daily SMA207037.81
Daily SMA506781.72
Daily SMA1008037.39
Daily SMA2007977.76
 
Levels
Previous Daily High7765.01
Previous Daily Low7032.13
Previous Weekly High7216.69
Previous Weekly Low6466.49
Previous Monthly High9215.51
Previous Monthly Low3886.49
Daily Fibonacci 38.2%7485.05
Daily Fibonacci 61.8%7312.09
Daily Pivot Point S17095.69
Daily Pivot Point S26697.47
Daily Pivot Point S36362.81
Daily Pivot Point R17828.57
Daily Pivot Point R28163.23
Daily Pivot Point R38561.45

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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