BTC/USD Needs To Wait For Decline to $8,300 for a Fresh Rally
In the previous day, the price of BTC began a remarkable move to the upside over the hurdles at $8,200 and $8,400. Afterwards, the price was within a range prior to another rally over the hurdles at $8,500 and $8,600.
Further, there was an upsurge over $8,800 and was able to settle well over the 100 hourly SMA, thereby forming a new high close to $8,898 and the price is now into lower correction.
There is a support close to the $8,600 and $8,620 (first support) on the downside. The immediate support may be $8,460. The major support and buy areas may be close to $8,400 and $8,300.
Besides, a look at the hourly chart of BTC against the USD reveals the formation of a major bullish trend line with support close to $8,300. Hence, declines in the price towards $8,400 and $8,300 could perchance secure remarkable bids.