Bitcoin’s Next Climb is Aiming for $8500
Bitcoin has seen pleasant gains to its value, climbing over $7200 in price earlier this week. With a massive bullish trend forming within the market, the new support level is set at $7K and the BTC/USD pairing will either boost Bitcoin’s value to over $7600 or drag it back down under $7240.
Last week, Bitcoin saw a massive climb above the long-lasting $6800 resistance level. Bitcoin and the US dollar pair have climbed over $7K and the $7.2K resistance to gain more momentum. Bitcoin broke past an even higher resistance of $7.5K, climbing to a new high of $7.6K, it’s the highest level since the markets lasting downside trend.
As of now, Bitcoin plans on climbing even higher in terms of price against the USD. After testing the Fibonacci level at 23 percent since it’s $6K low to the new peak at $7.6, drops in price were severely hindered and maintain themselves over the new support level of $7250. As it currently looks, an important range between the $7.6 resistance and $7.2 support levels. If Bitcoin drops below the current support level, it’s price could possibly continue dropping and making its way to the $7K support line.
Furthermore, the $7000 support level is seeing a massive bull trend, with the support line on the four-hour chart of the Bitcoin and US Dollar pair. The Fibonacci retracement is at 50 percent and providing robust support since the low of $6000 and $7.6K resistance. As charts may point out, Bitcoin will probably exceed the current resistance and climb up to anywhere between $8-8.5K. Should the coin drop in value instead, strong support levels are present at $7.2K and $7K.
The 4-hour Moving average convergence divergence is dragging itself away from its bearish decline to a more bullish stance. The Relative Strength Index has climbed well past 50 and the major support is currently at $7000 and the major resistance level is at $7600.