Bitcoin technical analysis: BTC/USD consolidation above $8,000 necessary for the next rally


  • Bitcoin will have to ensure the fluctuating movements witnessed but the long-term outlook is bullish.
  • The forming falling wedge pattern signifies that a breakout is imminent.

Spot rate: $8,139

Trend: Strongly bearish in the near-term.

Support: $7,800, $7,700 and $7,500

Resistance: $8,400, $8,800 and $8,800

BTC/USD four-hour chart

Bitcoin bullish mojo runs out moves under $8,400. The price stays depressed under the descending trendline resistance.

Any dips under $8,000 are likely to bounce back owing to the support between $7,500 and $7,800.

BTC/USD daily chart

The Moving Average Convergence Divergence (MACD) suggests that the bulls have the upper hand.

The forming falling wedge pattern could eventually thrust Bitcoin above $9,000.

BTC/USD weekly chart

Bitcoin price stays above simple moving average 100 as it approaches an impending breakout from the still-forming falling wedge pattern.

BTC/USD

Overview
Today last price 8148.12
Today Daily Change -34.18
Today Daily Change % -0.42
Today daily open 8182.3
 
Trends
Daily SMA20 8670.93
Daily SMA50 9596.27
Daily SMA100 10190.9
Daily SMA200 8562.82
 
Levels
Previous Daily High 8344.2
Previous Daily Low 8111.47
Previous Weekly High 8532.46
Previous Weekly Low 7706.37
Previous Monthly High 10942.68
Previous Monthly Low 7706.37
Daily Fibonacci 38.2% 8200.37
Daily Fibonacci 61.8% 8255.3
Daily Pivot Point S1 8081.11
Daily Pivot Point S2 7979.92
Daily Pivot Point S3 7848.37
Daily Pivot Point R1 8313.85
Daily Pivot Point R2 8445.39
Daily Pivot Point R3 8546.58

 

 

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