Bitcoin price remains in a bullish trend above $8100 against the US Dollar. BTC/USD might soon break $8300 for more upsides toward $8500.
Key Talking Points
Bitcoin price traded to a new all-time high at $8359 (data feed by Kraken) against the US Dollar.
There is a major bullish trend line forming with support at $8100 on the hourly chart of BTC/USD.
The pair continues to gain pace and it could even break $8359 for a new high in the short term.
Bitcoin Price Chart Analysis
There was no stopping buyers as bitcoin price traded above the $8100 level and formed another new all-time high at $8359 against the US Dollar. The BTC/USD pair is currently consolidating above the $8100 level and is preparing for the next move.
The pair started a downside correction and moved below the 38.2% Fibonacci retracement level of the last wave from the $7800 low to $8359 high. However, the downside move was limited by the $8000 support and the 100 hourly simple moving average.
Moreover, the 50% Fibonacci retracement level of the last wave from the $7800 low to $8359 high prevented declines. It seems like a correction is over around $8000 and the price might resume its uptrend soon.
On the downside, there is a major bullish trend line forming with support at $8100 on the hourly chart of BTC/USD. The pair is gaining pace and is moving slowly higher toward $8200.
On the upside, there is a connecting bearish trend line forming with current resistance near $8300. Should there be a close above $8300, the price would continue to move higher and trade towards $8359.
The pair might even break $8359 for a new all-time high. The next target for buyers could be $8500 and $8600. On the downside, the $8100 support holds the key for the next move. BTC/USD has to stay above $8100-8000 if buyers have to attempt a push above $8300.
The hourly RSI for BTC/USD is not showing any signs of an upside break and is currently below 50.