Is BTC/USD Ready for a New Rally?
The BTC/USD price is on the upside above the supports at $7800 and $7700. If the pair reaches $8200, it may start a fresh uptrend. Last week, the pair commenced a downside retracement from the $8473 high.
However, the price returned to the downside under the supports at $8200 and $8000. The price also got remarkably supported at $7700 and $7600.
A Look at the 4-hour BTC/USD Chart
The 4-hour BTC/USD chart shows the price established a level over the $8500, and the 100 SMA. It also formed a swing low close to $ 7659, and it is now trading higher. Currently, the uptrend is encountering resistance close to the $8200 zone. Additionally, the chart reveals a major breakout pattern with a hurdle close to $8160.
In this case, a surge over the $8200 and $8280 may form a new rally. If the bullish move occurs, the price may move towards $8500 and $8800. Similarly, it is possible to have a downside break under the triangle support close to $7900 and $7850. The major supports and bullish areas are close to $7700 and $7600.
If the price closes under the support at $7600, a remarkable move to the downside is possible in the future. The immediate critical support is close to 100 SMA at $7530, and if the price moves under it, the result may be $7000.