A Major Sign Reveals Accumulation By Bitcoin Buyers
The price of BTC/USD is within a range under the major hurdle at $8,200. This suggests a short term accumulation stage. The price may surge over $8,200 or could decline to $7,700 prior to a modest bounce.
BTC bulls successfully pushed the price over $8,000 despite the resistance. The price was able to establish a level over the 100 hourly SMA, but striving to surge over the hurdle at $8,200.
A look at the chart of the pair reveals a modest upsurge from the $7,668 swing low. It was able to break the hurdle at $8,100 and the 100 hourly SMA. It was able to form a high close to $8,319 prior to its consolidation in a range.
BTC appears to be in a short term accumulation stage and is into consolidation under the major hurdles at $8,200 and $8,250. Further, there is the formation of a major declining trend line with hurdles close to $8,170.
If the price surges over the hurdle at $8,200, it may initiate a remarkable rally. The immediate major resistance is close to $8,460, and a move over it could prompt the buyers to focus on breaking $8,500.
On the other hand, the price could move below $8,000 support in the short term. If it moves below it, the price could possibly decline towards the support zone at $7,700.
The pair is supported majorly close to $7,600 zone. A successful close under $7,600 and $7,500 in the day may abort the bullish bias at the moment.