Bitcoin price is likely forming a bullish pattern above $7,400 and could soon rally towards $8,000 or $8,200 once it clears the $7,700 resistance level.
BTC bears and bulls are once again playing tug-of-war that could define Bitcoin (BTC) price actions in the coming weeks or months. For the past 2 days, the price of Bitcoin has been caught up in a series of lock-step movements.
However, in the last 24 hours, Bitcoin price is on a northward trajectory surging nearly 10% above $7500 level. A high was formed near $7,700 before the price started correcting lower. At the time of writing, Bitcoin price is trading at $7571.
On the upside, if more buyers emerge, the crypto’s price will rise and retest the $7,700 and $8,000 price level. Conversely, f there is a downside break below the $7,500 level, the price is likely to decline towards the $7,300 level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
On the 1-hour chart, the BTCUSD price seems to be consolidating gains above the $7,400 and $7,300 support levels. Therefore, the price is likely to climb further above $7,700 as long as there is no close below the main $7,5000 support level.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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