Studying BTC price

Today, BTC price is reaching $8,700 against the US Dollar but the day before Yesterday, we perceived the beginning of a negative aspect of correction in bitcoin price below $8,700 against the US Dollar. The BTC/USD pair traded below the $8,600 and $8,550 support levels. There was also a pause under the $8,550 level. However, the $8,400 support level along with the 100 hourly simple in motion average acted as a strong support. As a further matter, the 50% Fib retracement level of the upward move from the $7,900 low to $8,950 swing high also acted as a support.

As the outcome, the price rolled back suddenly above the $8,600 and $8,700 resistance levels. Besides, there was a pause over the 50% Fib retracement level of the drop from the $8,955 high to $8,433 swing low. More significant, there was a break above a key bearish trend line with resistance at $8,690 on the hourly chart of the BTC/USD pair. The pair is now trading above the $8,700 resistance. Moreover, it is testing the 61.8% Fib retracement level of the drop from the $8,955 high to $8,433 swing low.

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