Bitcoin Technical Analysis: BTC/USD consolidates around $8,000

Rajarshi Mitra Independent Analyst

BTC/USD Daily Chart

BTC/USD is currently trading for $8,020.
The bulls will be aiming for the $8,050 level in the short-term.
The price is currently consolidating in a flag formation priming for a breakout.
BTC/USD is comfortably trading above the SMA 200, SMA 50, and SMA 20 curves.
The Elliot wave oscillator shows 14 consecutive bullish sessions.

BTC/USD 4-Hour Chart

The 4-hour BTC/USD market has had a bullish outbreak from the triangle formation.
The chart overtook the upper curve of the 20-day Bollinger band five sessions back but then crept back inside towards the SMA 20 curve.
The price found support on the $7,770 line and bounced back up.
The relative strength index (RSI) indicator is creeping next to the overbought territory.

BTC/USD Hourly Chart

The hourly price is currently trending inside a cup and saucer pattern.
The price found support on the upward trending line and bounced back up.
The signal line is converging with the MACD line indicating decreasing bearish momentum.

Key Levels

BTC/USD

Overview
Today last price	8039.11
Today Daily Change	48.41
Today Daily Change %	0.61
Today daily open	7990.7

Trends
Daily SMA20	5938.01
Daily SMA50	5327.12
Daily SMA100	4554.22
Daily SMA200	4494.32

Levels
Previous Daily High	8337.26
Previous Daily Low	7623.54
Previous Weekly High	6428.2
Previous Weekly Low	5564.95
Previous Monthly High	5632.53
Previous Monthly Low	4052.2
Daily Fibonacci 38.2%	8064.62
Daily Fibonacci 61.8%	7896.19
Daily Pivot Point S1	7630.4
Daily Pivot Point S2	7270.11
Daily Pivot Point S3	6916.68
Daily Pivot Point R1	8344.13
Daily Pivot Point R2	8697.56
Daily Pivot Point R3	9057.85

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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