- Bitcoin price failed to gain momentum above $8,150 and $8,200 against the US Dollar.
- The price is slowly moving lower in a range and it could test the $7,700 or $7,660 support.
- This week’s followed key bullish trend line was breached with support near $7,980 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may continue to trade in a range before a fresh increase above the $8,000 and $8,150 levels.
Bitcoin Price Analysis
In the past few sessions, there were swing moves in bitcoin price below the $8,200 resistance area against the US Dollar. The BTC/USD pair recently climbed from the $7,578 swing low to $8,172. However, the pair failed to climb further higher and started a fresh decline below the $8,150 level. There was a break below the $8,050 support and the 50% Fib retracement level of the last wave from the $7,578 swing low to $8,172 high. Moreover, there was a break below the key $8,000 support area.
More importantly, this week’s followed key bullish trend line was breached with support near $7,980 on the hourly chart of the BTC/USD pair. The pair tagged the $7,820 level and the 61.8% Fib retracement level of the last wave from the $7,578 swing low to $8,172 high. The main supports on the downside are near $7,820 and $7,800. Besides, the 100 hourly simple moving average is also near the $7,800 level to prevent a downside break. If there are more losses, the price could revisit the key $7,660 and $7,620 support levels.
On the upside, an immediate resistance is near the $8,000 level. A successful break above the $8,000 barrier could push the price towards the $8,150 level. Having said that, the price could start a strong upward move if it climbs above the $8,200 level in the near term.
Looking at the chart, bitcoin price seems to be trading in a broad range above the $7,600 pivot level. In the short term, there could be range moves, but the price is likely to grind higher towards the $8,000 and $8,200 levels in the coming sessions. The key resistances are $8,280 and $8,300, above which the price might surge towards the $8,500 resistance level.
Hourly MACD – The MACD is slowly moving into the bearish zone, with a few negative signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level, with a bearish angle.
Major Support Levels – $7,800 followed by $7,660.
Major Resistance Levels – $8,000, $8,120 and $8,200.
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