Bitcoin price blitz the resistance of $ 8.5K as a target of Bulls $ 8.8K

3 min read

As the weekly closing approached, the Bitcoin price rose above $ 8,500 after trading in the range of $ 8,200 to $ 8,300 the previous day. At the time of writing, bulls are trying to move through the resistance zone from $ 8,500 to $ 8,650 to reach a daily lower high at $ 8,800.

Bitcoin daily price chart. Source: Coin360

Earlier in the day, Cointelegraph employee Scott Melker saw the bullish development on the schedule when he did tweeted the following chart and said: "Local double bottom breakout. Bottom reverse pattern."

BTC USD 1-hour chart. Source: TradingView

BTC USD 1-hour chart. Source: TradingView

Prior to tweeting about the developing double soil outbreak, Melker suggested that traders keep an eye on the $ 8,469 resistance on the 6-hour chart, as this would be an important development.

BTC USD 6-hour chart. Source: TradingView

BTC USD 6-hour chart. Source: TradingView

Market analyst Michaƫl van de Poppe too tweeted that Bitcoin broke above $ 8,500 was a good sign, but not as important as the need for the cryptocurrency to push through the resistance from $ 8,575 to $ 8,600. Van de Poppe believes that the current price campaign could result in "a bearish retest and a range-based continuation."

BTC USD 4-hour chart. Source: TradingView

BTC USD 4-hour chart. Source: TradingView

Van de Poppe further suggests those traders look to see if the prize falls back to $ 8,500 support and he is curious to see how the Bitcoin prize will perform in the coming week if it can hold more than $ 8,500 to $ 8,600.

As mentioned in the previous analysis, the Bitcoin price had to go through the 50-day moving average and now that the price has risen above this point, traders will look for a close above the moving average. The Bitcoin price is now also above the moving average of the Bollinger Band indicator and the daily relative strength index is in a bullish area with a reading of 58.

BTC USD 6-hour chart. Source: TradingView

BTC USD 6-hour chart. Source: TradingView

On the 6-hour graph, the moving average convergence divergence (MACD) has a bull cross and the histogram is positively reversed, showing a strong increase in momentum. If the Bitcoin price can break above $ 8,650 and $ 8,800 can reverse resistance to support the price, the price can rise to $ 9,100, which corresponds to the upper arm of the Bollinger Band indicator.

Weekly price chart from Bitcoin. Source: Coin360

Weekly price chart from Bitcoin. Source: Coin360

The overall market capitalization for cryptocurrency is now at $ 237.1 billion and Bitcoin's dominance rate is 65.8%. A handful of the top 10 altcoins also achieved impressive profits with Bitcoin Cash (BCH) of 10.67%, Bitcoin SV (BSV) 5.32% and XRP with 4.30%.

Stay up to date with the best cryptomarkets

http://platform.twitter.com/widgets.js window.fbAsyncInit = function () { FB.init({ appId: ‘1922752334671725’, xfbml: true, version: ‘v2.9’ }); FB.AppEvents.logPageView(); }; (function (d, s, id) { var js, fjs = d.getElementsByTagName(s)(0); if (d.getElementById(id)) { return; } js = d.createElement(s); js.id = id; js.src = “http://connect.facebook.net/en_US/sdk.js”; js.async = true; fjs.parentNode.insertBefore(js, fjs); }(document, ‘script’, ‘facebook-jssdk’)); !function (f, b, e, v, n, t, s) { if (f.fbq) return; n = f.fbq = function () { n.callMethod ? n.callMethod.apply(n, arguments) : n.queue.push(arguments) }; if (!f._fbq) f._fbq = n; n.push = n; n.loaded = !0; n.version = ‘2.0’; n.queue = (); t = b.createElement(e); t.async = !0; t.src = v; s = b.getElementsByTagName(e)(0); s.parentNode.insertBefore(t, s) }(window, document, ‘script’, ‘https://connect.facebook.net/en_US/fbevents.js’); fbq(‘init’, ‘1922752334671725’); fbq(‘track’, ‘PageView’);

Written by

Don Bradman

Leave a Reply

Your email address will not be published. Required fields are marked *