Bitcoin is likely forming a short term bottom near $8,400 against the US Dollar. However, BTC price must climb above the 100 hourly SMA and $8,800 to start a fresh increase.
Bitcoin is currently consolidating above the $8,400 and $8,500 support levels against the US Dollar.
The bulls need to gain control above $8,700 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $8,575 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a strong increase if it settles above $8,700 and $8,800.
Bitcoin Reaching Key Resistance
This past week, we saw a steady decline below the $9,000 support in bitcoin against the US Dollar. BTC price made a couple of attempts to bounce back, but it failed and settled below the 100 hourly simple moving average.
On the downside, it seems like the price is finding a significant buying interest near the $9,500 and $9,400 levels. The recent low was formed near $8,403 and the price is currently correcting higher. Read More...