This Pattern Could Send BTC To $8,200 In The Next Few Days

The past few sessions showed that there was a sharp decline in Bitcoin which sent the cryptocurrency from well above the $8,200 level against the US dollar to a low in the $7,000 region which is where BTC is still standing. However, this pattern could change and Bitcoin could visit ,200 again if things play out nicely and if the crypto settles higher.
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A new monthly low is formed near $7,638 and the price is currently correcting higher. BTC surpassed the $7,800 and $7,850 resistance levels which is good – and there was a break above a declining channel with resistance near $7,800 on the hourly chart of the BTC/USD pair which is now at $7,906.

Speaking of, this pattern could send BTC to new weekly highs only if things play out. Right now, the Bitcoin price news indicate that the cryptocurrency is forming a rounding bottom pattern which might spark a short term recovery.

The pattern resistance is near the $7,980 and $8,000 levels. A successful break above $8,000 is likely to send the price towards the main $8,200 resistance level which is where the bears are waiting. Also, the 50% Fib retracement level of the recent drop from the $8,755 high to the $7,638 low is also near the $8,200 area which acts as a major hurdle for the bulls. This is why the price of BTC must settle above $8,200 to start a fresh increase towards  the $8,500 and $8,650 levels.

On the upside, we can see increased chances of more losses. This pattern could bring bad news as well and on the upside, $8,000 and $8,200 are seen as the two key resistances. If the dominant coin fails to clear either of them, there is a risk of more losses below the $7,800 level.

An initial support is near the $7,640 level below which the bears are likely to aim a test of the main $7,500 support area (as discussed in yesterday’s analysis using the daily chart). The technical indicators behind Bitcoin (BTC) in the latest cryptocurrency news are as following:

• Hourly MACD – The MACD is currently in a slow move in the bullish zone.
• Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is very likely to move above the 50 level.
• Major Support Levels – $7,800 and then $7,640.
• Major Resistance Levels – $8,000, $8,200 and $8,500.