The Price of BTC/USD Ready For New Rally
The price of BTC/USD is on the upside above the supports at$7,800 and $7,700. The pair may begin a fresh remarkable uptrend after it establishes a level over $8,200.
In the previous week, the pair began a downside retracement from the $8,473 high. The price returned to the downside under the supports at $8,200 and $8,000.
Nevertheless, the price was remarkably supported at $7,700 and $7,600. Further, on the 4-hour chart of BTC against the USD, the price was able to establish a level over $8,500 and the 100 SMA. It was able to form a swing low close to $7,659 and it is now trading higher.
The uptrend at the moment is encountering resistances close to $8,200 zone. Likewise, on the same chart, there is the formation of a major breakout pattern with hurdle close to $8,160.
Hence, a surge over $8,200 and $8,280 may establish a new rally. If the bullish move takes place, the price may movetowards $8,500 and $8,800.
On the other hand, it is possible to have a downside break under the triangle support close to $7,900 and $7,850. The major supports and bullish areas are close to $7,700 and $7,600.
If the price closes under the support at $7,600, a remarkable move to the downside is possible ahead. The immediate key support is close to 100 SMA at $7,530 and if the price moves under it, it could lead to $7,000.