Support Level: $7800, $7500
Resistance Level: $8100, $8200
- Bitcoin price gained bullish momentum and broke above $7800, $7900 and $8000 resistance levels.
- The buyers were able to push BTC price towards $8200 resistance level.
- Bitcoin price was also able to break above the bearish pattern line that was being formed on the hourly chart yesterday with the resistance around $7950.
- BTC might soon test the $8200 level again in order to move towards $8300 and $8500 levels.
Bitcoin Price Analysis:
SUMMARY: Bitcoin price turned bullish again and moved over the $7800 and $8000 resistance levels. Currently, BTC is trying to gain momentum in order to break above $8200 level towards $8300.
Bitcoin price recently turned bearish and tested the $7450 and $7500 support levels. However, the bulls were able to control the situation and move the bitcoin price above $7700 and $7800 resistance levels very soon. Later, BTC even broke above $7900 and $8000 resistance levels and settled above the 10o hourly SMA. If Bitcoin is able to break above $8200 resistance level, it might soon test the $8300 and $8500 levels, however, in case of a downward correction, BTC is currently supported at $7900 and $7800, below which bitcoin price might test the $7500 support again.
It is very essential for bitcoin to break above $8100 and $8200 resistance levels in the short term. If not, Bitcoin will most likely test the $7800 and even $7500 support level below which it might move towards $7000 level.
The chart shows that bitcoin price is currently trading with a bullish momentum supported at $7800 level and settled above the 100 hourly SMA. There are chances that bitcoin might test the $7700 and $7500 support levels again if it is not able to break above $8200 level in the short term.