{"id":409740,"date":"2020-01-05T05:00:54","date_gmt":"2020-01-05T05:00:54","guid":{"rendered":"https:\/\/wncen.com\/?p=409740"},"modified":"2024-06-11T12:56:34","modified_gmt":"2024-06-11T12:56:34","slug":"bitcoin-price-time-bulls-aiming-8k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-time-bulls-aiming-8k\/","title":{"rendered":"Bitcoin Price & Time: Bulls Aiming $7.8K and $8K"},"content":{"rendered":"
Bitcoin price is showing a lot of bullish signs against the US Dollar. BTC bulls are in control and it seems like they are aiming a test of the $8,000 resistance.<\/em><\/p>\n This past week, bitcoin extended its downside correction below the $7,200 support area against the US Dollar. BTC price even broke the $7,000 support and the 100 simple moving average (4-hours).<\/p>\n However, the $7,860 area acted as a strong support and prevented further losses. A low was formed near $6,859 and the price recently started a strong upward move<\/a>. It surpassed the $7,000 and $7,200 resistance levels.<\/p>\n Besides, there was a break above the 50% Fib retracement level of the downward move from the $7,531 high to $6,859 low. More importantly, there was a break above a major declining channel with resistance near $7,345 on the 4-hours chart of the BTC\/USD pair.<\/p>\n Bitcoin price is now trading nicely above $7,400 and the 100 simple moving average (4-hours). An immediate resistance is near the last swing high at $7,531.<\/p>\n If there is a clear break above the $7,531 high, the price is likely to test the $7,690 level. It represents the 1.236 Fib extension level of the downward move from the $7,531 high to $6,859 low.<\/p>\n A successful break above the $7,690 area could set the pace for a test of the $7,800 resistance. The final target for the bulls may perhaps be $8,000 in the coming days.<\/p>\n If there is a downside correction, the price could test the $7,300 support. The first key support is near the $7,260 level and the 100 SMA. Any further losses might restart the downtrend in bitcoin towards the $7,000 and $6,860 support levels<\/a>.<\/p>\nBitcoin Set to Rise Further<\/h2>\n
Pullback in BTC Could be Limited<\/h2>\n