Bitcoin (BTC) Price Smashes Resistance: Bulls Target Fresh High

• Bitcoin price started a strong rise above the $7,800 and $8,000 resistances against the US Dollar.
• The price gained traction and even traded close to the $8,200 resistance area.
• This week’s followed important declining channel was breached near $7,960 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is currently forming a triangle pattern and it could continue higher above $8,150 and $8,200.

Bitcoin price jumped back into a positive zone above $7,800 against the US Dollar. BTC is currently forming a bullish pattern and it may continue to rise towards $8,300 an 8,500 in the near term.

Bitcoin Price Analysis

Recently, we saw a strong bounce in bitcoin price from the $7,475 swing low against the US Dollar. The BTC/USD pair surged higher and broke many hurdles near $7,700 and $7,800. There was even a break above the $8,000 level and the 100 hourly simple moving average. It seems like the bulls are back in action and the price completed a downside correction near the $7,500 support area. This also suggests that there are chances of more gains above the $8,200 level.

Recently, this week’s followed important declining channel was breached near $7,960 on the hourly chart of the BTC/USD pair. The pair spiked towards the $8,200 level and formed an intraday high at $8,180. The price is currently consolidating gains above $8,000. Moreover, it traded below the $8,100 level and the 23.6% Fib retracement level of the upward move from the $7,475 low to $8,180 high. However, the broken resistance near the $7,960 and $8,000 levels is currently acting as a strong support.

Besides, the pair is currently forming a triangle pattern with resistance near $8,050 on the same chart. Therefore, if the pair clears the triangle resistance and surges above $8,100, there could be solid gains in the coming sessions. The next key resistances area near the $8,200 and $8,300 levels. Above these, the price is likely to trade to a new 2019 high.

Looking at the chart, bitcoin price clearly jumped back into a positive zone above $7,800. It is currently consolidating gains above the $8,000 level and the 100 hourly SMA. If there is a downside break below the 100 hourly SMA, the price could correct lower towards the $7,710 level. Below $7,710, the next key support is close to the $7,650 level.

Technical indicators:

Hourly MACD – The MACD is currently in the bearish zone, but it could move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is holding the main 50 level, with a few positive signs.

Major Support Levels – $7,800 followed by $7,710.

Major Resistance Levels – $8,050, $8,200 and $8,300.

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