Bitcoin Price Analysis: BTC/USD May Break Up $8,233 Price Level Soon
Should the demand level of $7,812 hold, the Bulls will resume their uptrend movement which may push Bitcoin price to break up the $8,233 level and target $8,678 level. Otherwise, consolidation may continue.
The Bulls are already in control of the Bitcoin price;
the breakup at $8,233 level will expose $8,678 resistance level;
the price retracement is inevitable.
BTC/USD Medium-term Trend: Bullish
Resistance levels: $8,233, $8,678, $9,265
Support levels: $7,812 $7,440, $6,869
BTC/USD is bullish on the medium-term outlook. As it was predicted last time, the Bulls defended $6,869 demand level and the former resistance levels at $7,440, $7,812 were penetrated and the price touched $8,233 price level. Further increase in Bitcoin price was resisted at the $8,233 and the price retested the demand level of $7,812 yesterday. Today in the 4-Hour chart, the market opened with a bullish candle in preparation for the Bitcoin price to resume its bullish trend.
It seems the Bitcoin price is consolidating at $7,812 level. However, the coin is still trading above the 21 periods EMA and 50 periods EMA. The distance between the price and the two EMAs is maintained to indicate that the Bulls’ momentum is equally maintained. The Stochastic Oscillator period 14 is at 80 with the signal lines parallel at the level to indicate that Bitcoin price may consolidate for a while.
Should the demand level of $7,812 holds, the Bulls will resume their uptrend movement which may break up the $8,233 level and target $8,678 level. Otherwise, consolidation may continue.
BTC/USD Short-term Trend: Bullish
BTC/USD is bullish in the short-term outlook. The Bulls prevailed over the Bears to break out of the sideways movement Bitcoin price engaged in last few days. The bullish momentum made the Bitcoin rallied towards the north side and it broke up $7,440 and 47,812 levels.
Bitcoin price reached a high of $8,233 price level. The price retracement was carried out towards $7,812 level. Yesterday BTC price was supported at the dynamic support level (50 EMA).
The coin is trading above the 21 periods EMA and 50 periods EMA. However, the Stochastic Oscillator period 14 is at $75 bending down to connotes sell signal.