Bitcoin rises above the major resistance at $8,700 and $8,750 as it currently trades at $8,827.28 on Coinbase. BTC/USD seems to plan a comeback as we see a notable rising trend from the weekly bottom of $8,403.93, with a slight support from 50-day daily MA.
BTC price has already formed consistent higher highs after rising from the weekly support around $8,400 and has notably chased $8,800 resistance around the closing hour yesterday. Important to note that the coin even traded close to hitting above $9k beyond $8,900, after 5 days of sluggish knockout.
After a decent pull back and oscillation within the price range of $8,400 to $8,900, BTC price is likely to cross $9,000 followed by a noticeable spike above $10,000 soon.
Bitcoin Price Analysis:
The intraday chart of BTC against US Dollar is giving out bullish signals as the coin manages to stay above 61.80% Fib Retracement Level, after an intraday correction from the weekly high of $8,973.65 to the current trading price. The Bollinger Bands are likely to squeeze and as per the intraday movement we predict the trend to break through the upper Bollinger Band, which is currently on the opposite end. Bitcoin price lacks steady support from 50-day daily MA yet retains support from the 200-day MA after the coin has rose from the utter support at $8,400.
The technical indicators assigned are giving out bearish signals due to intraday pullback from the high of $8,973 to $8,827.28 and therefore, the signal line crosses above the MACD line.
Similarly, the RSI of the coin is at 40.28 and is seen inclining towards the support at 30 or the oversold region.