{"id":227522,"date":"2019-05-24T15:35:42","date_gmt":"2019-05-24T19:35:42","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=227522"},"modified":"2020-06-11T11:25:28","modified_gmt":"2020-06-11T15:25:28","slug":"bitcoin-trading-btc-is-back-above-8000-whats-next","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-trading-btc-is-back-above-8000-whats-next","title":{"rendered":"Bitcoin Trading: BTC Is Back Above $8000, What\u2019s Next?"},"content":{"rendered":"

Bitcoin (BTC) Price Analysis \u2013 May 24<\/h3>\n

For the past 10 days, Bitcoin has traded below the $8400 as the buyers struggled to surpass this level. Ever since, the price level has become a strong resistance for the market. If the $8400 level breaks, Bitcoin might set a new price at around $8800. However, the sellers’ target is at$7600.<\/p>\n

BTC\/USD Long-term Trend: Bullish (1D chart)<\/h2>\n

Key Levels:<\/strong>
\nResistance levels: $8500, $8800
\nSupport levels: $7600, $7200<\/p>\n

The bullish scenario is still intact as Bitcoin continued to climb upward. The bulls are back above the $8000 after a three days pull to $7600, which has now been a support level for the market. The $8400 is getting tougher for the bulls.<\/p>\n

\"\"<\/a>
BTCUSD-1D-Chart-May-24<\/figcaption><\/figure>\n

If they manage to surpass the above level, BTC trading<\/a> might touch the $8500 before visiting the $8800. Meanwhile, the white 50-day moving average has been playing along with the positive move. A bounce down, however, could floor the price at $7600. Below this level lies the $7200 support.<\/p>\n

Considering the technical indicators, the daily RSI has pulled back from the overbought region due to a three days sell-off. On the daily Stochastic RSI, Bitcoin lies in the oversold territory.<\/p>\n

BTC\/USD Medium -term Trend: Bullish (4H Chart)<\/h2>\n

Bitcoin trading<\/a> has constructed an ascending triangle formation on the medium-term outlook as price close-up the angle of the trend line. BTC is currently testing the triangle resistance which could lead to a break or rejection. This formation is mostly and commonly followed by a bullish break.<\/p>\n

\"\"<\/a>
BTCUSD, 4H Chart – May 24<\/figcaption><\/figure>\n

The $8500 is more likely to provide resistance for a potential break. Meanwhile, the $8250 level has been strongly in the hold of buying pressure. A bounce low may locate support at the $7600. Beneath the triangle lies further support at $7250, this could welcome the bears into the market.<\/p>\n

While Stochastic RSI is reflected at the overbought territory, the RSI has raised above the 50 level; revealing the 24-hour surge. Still, the important 50-day MA (white) continued to support the market.<\/p>\n

Please note:<\/em><\/strong> insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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