- There is a strong resistance forming for bitcoin near the 8,200-8,300 area against the US Dollar.
- The price is placed nicely above the $7,840 and $7,600 support levels.
- There is a crucial contracting triangle forming with resistance near $8,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to break higher and surge once it clears the key $8,300 resistance area.
Bitcoin price is holding gains above $7,800 and $8,000 against the US Dollar. BTC seems to be setting up for a monster bullish break above $8,300 in the near term.
Bitcoin Price Weekly Analysis (BTC)
This past week, bitcoin price corrected lower below $7,660 against the US Dollar. The BTC/USD pair even broke the $7,600 support level and traded as low as $7,474. However, dips remain protected and the price recently bounced back above $7,600 and $7,800. There was a strong upward move above the $8,000 level and the price remained well above the 100 simple moving average (4-hours). The price tested the $8,200 resistance level and it is currently correcting gains.
An immediate support is near the $7,950 level. The main support is near the $7,840 level, and the 23.6% Fib retracement level of the recent wave from the $7,474 low to $8,200 high. More importantly, it seems like there is a crucial contracting triangle forming with resistance near $8,200 on the 4-hours chart of the BTC/USD pair. If there is a downside break below the triangle support at $7,840, the price could test the $7,600 support. The 100 simple moving average (4-hours) is also near the $7,600 level.
