Bitcoin Price Analysis: BTC/USD Eyes New High above $8100
Bitcoin price is in a super uptrend above $7850 against the US Dollar. BTC/USD might soon break $8058 for more gains toward $8100 or $8200.
Key Talking Points
Bitcoin price surged higher and recently traded to a new all-time high at $8058 (data feed by Kraken) against the US Dollar.
There are two important bullish trend lines forming with support at $7950-7900 on the 2-hours chart of BTC/USD.
The pair might soon break the recent high of $8058 for more gains in the near term.
Bitcoin Price Chart Analysis
There were steady gains in bitcoin price as it moved above the $7800 and $7900 resistance levels against the US Dollar. The BTC/USD pair traded to a new all-time high at $8058 (data feed by Kraken) from where a minor correction was initiated.
The pair tested the 23.6% Fibonacci retracement level of the last wave from the $7420 low to $8058 high. The recent correction seems to be limited since there are many supports above the $7900 level.
On the downside, there are two important bullish trend lines forming with support at $7950-7900 on the 2-hours chart of BTC/USD. These trend lines might play a major role for today’s next move above $8058.
If the highlighted trend lines continue to hold losses below $7900, there can be a break of the recent high at $8058. On the upside, there is a connecting trend line forming with resistance at $8060.
Therefore, we can say that there is a contracting triangle forming with support at $7900-7850 and resistance near $8060. Should there be a close below $7850, the price could test the 50% Fibonacci retracement level of the last wave from the $7420 low to $8058 high near $7700.
On the flip side, a break of the $8060 resistance would call for a test of $8100. The price could even break $8100 for a move towards $8200.
The overall short-term market sentiment is bullish as long as the price is above $7850.