Bitcoin (BTC) Price Forecast Remains Bullish: Bulls Target $8.5K and $9K

  • Bitcoin cost surged greater than 10% and broke the important thing $8,000 barrier from the US Dollar.
  • The cost traded to a different 2019 high near to $8,180 and stays inside a strong upward trend.
  • There’s a brief term bullish pattern developing with resistance near $8,050 around the hourly chart from the BTC/USD pair (data feed from Kraken).
  • The happy couple could rally further towards $8,500 once it breaks $8,050 and $8,100.

Bitcoin cost rallied considerably and broke $8,000 from the US Dollar. BTC bulls stay in full control and they’re prone to concentrate on the $8,500 level within the coming sessions.

Bitcoin Cost Analysis

There wasn’t any stopping bitcoin after it broke the $7,500 level of resistance from the US Dollar. The BTC/USD pair began a brand new rally after developing a swing low at $6,995. It broke the $7,200 and $7,500 resistance levels, plus continued to be well over the 100 hourly simple moving average. Finally, the bulls could obvious the final swing high near $7,580 and pressed the cost for the $8,000 barrier. There is a obvious break over the $8,000 barrier and also the cost published a brand new 2019 high near to $8,180.

Lately, there is a clear, crisp downside correction below $7,850 and also the 23.6% Fib retracement degree of the upward change from $6,995 low to $8,172 high. The cost even dipped underneath the $7,800 level. However, the $7,600 level acted like a strong support. Besides, the 50% Fib retracement degree of the upward change from $6,995 low to $8,172 high acted like a support. The cost has become back above $7,800 and $7,950. Furthermore, there’s a brief term bullish pattern developing with resistance near $8,050 around the hourly chart from the BTC/USD pair.

The happy couple appears to anticipate to obvious the triangular resistance at $8,050 and trade for the $8,172 swing high. Furthermore, you will find high likelihood of a rest over the $8,200 and $8,320 resistance levels. The following stop for that bulls might be $8,500.

Bitcoin Price Analysis BTC Chart

Searching in the chart, bitcoin cost is probably establishing for additional gains over the $8,050 and $8,150 levels. On the other hand, if there’s a drawback correction, the cost might find buyers close to the $7,950 and $7,840 levels. The primary support for that current wave is near $7,580 (the current breakout level). The general cost action is super bullish, with technical indicators pointing a run towards $8,500 or perhaps $9,000.

Technical indicators:

Hourly MACD – The MACD is sighting a brand new rise in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is presently well over the 55 and 60 levels.

Major Support Levels – $7,950 adopted by $7,840.

Major Resistance Levels – $8,050, $8,170 and $8,320.

The publish Bitcoin (BTC) Cost Forecast Remains Bullish: Bulls Target $8.5K and $9K made an appearance first on NewsBTC.

Original source: https://www.newsbtc.com/2019/05/14/bitcoin-btc-price-forecast-remains-bullish/

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