BTC price gradually climbed above the $8,400 and $8,500 levels against the US Dollar. The BTC/USD pair even broke the $8,800 level and traded as high as $8,840. There was a narrow above the $8,600 level and the 100 hourly simply in average motion. Afterwards, the pair begin a downside correction below the $8,800 level. It tested the $8,650 support, where the bulls become apparent. As a further matter, the 23.6% Fib retracement level of the recent wave from the $7,990 low to $8,840 high is likely to act as a strong support.
On the negative aspect, there is a key bullish trend line forming with support at $8,640 on the hourly chart of the BTC/USD pair. If there is a downside break below the trend line, the price could test the $8,600 support and the 100 hourly simply in average motion. The next important support is near the $8,500 level. If there are more losses, the price could test the $8,400 support area. It coincides with the 50% Fib retracement level of the recent wave from the $7,995 low to $8,842 high.On the upside, an initial resistance is near the $8,800 level. If there is an upside break above the $8,800 barrier, the price could accelerate above the $8,850 level. The next key resistances on the upside are near the $8,900 and $9,000 levels. If there is a break above $9,000, the price is likely to gain pace above $9,100.
Push down before higher: BTC price merging gains
- The price is trading with a positive tone above $8,600 and the 100 hourly simply in average motion.
- There is a key bullish trend line forming with support at $8,640 on the hourly chart of the BTC/USD pair.
- The pair is currently consolidating and it could soon ascent above the $8,800 resistance.
- Bitcoin price begin to decent upward move above the $8,500 level vs. the US Dollar.