Several Hurdles Exist from $7,800 to $8,000 on the Chart of Bitcoin
The price of BTC/USD could begin a powerful bullish wave over $7,500. Nevertheless, there are several hurdles from $7,700 to $8,000.
The price increased decently over the $7,300 hurdle in the previous few sessions. Further, the price established a level over $7,400 and the 100 hourly SMA.
In recent times, the price surged over a short term decliningtrend line with hurdle close to $7,455. This led to further gains over the hurdle at $7,500 and attained a new 2020 high at $7,572. However, at the moment, it is correcting lower. The first support on the downside is close to $7,500.
A look at the upside on the hourly chart of BTC against the USD shows the next hurdle close to $7,580 and $7,600. The initial major hurdle is close to $7,640. A crucial observation is the many resistances from $7,700 to $8,000.
Hence, caution is needed as the price moves toward the major $8,000 hurdle. The price may increase towards $8,500 and $8,800 if it successfully surges over the hurdle at $8,000.
Since several barriers exist from $7,700 to $8,000, it is not easy to shun the possibility of a declining reaction under $7,500 and $7,450.
A further look at the chart shows the initial major support close to $7,400, and then a connecting bullish trend line close to $7,360. A successful push of the price under the trend line puts BTC at risk of a huge pullback towards the support zone at $7,200.
Featured imagine courtesy of Shutterstock. Source: Cryptopress