The Bitcoin news today show that there has been an upward momentum in the current price of the most dominant cryptocurrency. As it stands, Bitcoin is set to reclaim $8,000 but it must first get through the $7,800 barrier and rise forward.
With a 2% increase so far on the day, the price of Bitcoin has triggered the bulls. They need to supply significant enough volume in order for the price to break to the upside of the rising channel and above the $7,800 resistance area as well as the 61.8% Fibonacci retracement levels.
As Bitcoin is set to reclaim a new position, the move today brought the price above the midpoint of the long term descending channel. Plus, the moving average convergence divergence (MACD) on the daily and 6-hour time frame suggests that additional upside is in store.
At the time of writing, the MACD line is crossing above the signal line and the histogram has been flipping from negative to positive over the past couple of hours. Ever since Bitcoin moved above $7,400, many traders have set their short term targets at $8,000 and $8,100 accordingly.
On the weekly timeframe, Bitcoin is set to improve its performance. The previous price action and cryptonews history shows that $7,800 to $8,200 is a zone which will be very difficult to overcome – but a positive note is that the MACD chart appears to be in the early stages of a new uptrend.
As we mentioned before, Bitcoin has already recovered to the descending channel midpoint and traders who opened positions at $6,540 will look for the BTC price reaching $8,000 very soon. Bitcoin is set to rise before taking partial profits and leaving the rest in play with the hope that the digital asset will again set a weekly high at $8,550.
A bullish scenario is in the books right now. However, rising wedges patterns can also lead to price reversals and are marked by the loss of momentum as the asset’s price rises to new highs. As analysts noted, it will take a high volume spike from bulls if they want to break out the rising wedge and above the resistances at $7,800 and then $8,000. What’s certain is that BTC is finding support in the $7,500 to $7,700 region.
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