Bitcoin Rally Not Over Yet, Bulls Are Aiming $8,000
In addition, there was a close above $7,300 and the 100 hourly Simple Moving Average. Finally, the price surged above the $7,500 level but it failed to continue with the uptrend.
Moreover, a high was formed close to $7,500 before the price started to drop. Bitcoin lost most of the gains it had made earlier and declined below the $7,400 level. The price then traded near the $7,300 level and a low is formed near the $7,305.
The BTC price is currently moving higher and trading above $7,340. Besides, it is close to the 23.6% Fib retracement levels of the recent decline from the $7,530 to $7,305 low.
On the upside, there are several hurdles starting with the $7,400 level. Notably, the 50% Fib retracement level of the recent drop from the $7,530 high to the $7,305 low is near the $7,420 level to stop the uptrend.
The major resistance is still near the $7,500 level above which the price is likely to spike. In such instance, the next stop for the bulls could be near the $7,680 and $7,700 levels. On the other hand, the price might continue to struggle near the $7,400 and $7,420.
On the downside, an initial support is close to the $7,325 level. There is also the formation of a key bullish trend line with support near $7,325 on the BTC price hourly chart.
A close look at the Bitcoin price chart shows a lot of positive signals above the $7,300 level. Therefore, the price is likely to continue moving higher towards $7,500 and $7,700, unless the bears are able to bring the price down below the $7,200 support level.
Technical indicators suggest that, the BTC price hourly MACD is slowly reducing its bearish slope. The hourly Relative Strength Index of the coin is now above the 50 level, with positive signs. Major support levels are $7,325 and $7,200, whereas the major resistance levels are $7,400, $7,420 and $7,500.
Featured imagine courtesy of Shutterstock. Source: Cryptopress.