Bitcoin Price Analysis: Impressive Start Of The Week Blasts BTC/USD Towards $8,800

Bitcoin Price Analysis: Impressive Start Of The Week Blasts BTC/USD Towards $8,800

  • Bitcoin pennant pattern breakout aims for $8,800 and the run-up to $9,200.
  • Bitcoin price technical level align for another bullish action likely to step past $8,800 in the short-term.

Bitcoin embraced a good start of the week after the recovery from the ‘crypt’ it had dived into last week. Impressively, the world’s largest cryptocurrency defended the key support at $8,200 on Friday last week. The congestion of the bulls at this zone sent Bitcoin upwards over the weekend. Bitcoin bombarded the resistance at $8,400 and that at $8,400. Continued bullish action on Monday pulled BTC above $8,600 and closed in on the next hurdle at$8,700. However, the crypto hit the pause button at $8,695, leaving the critical level untouched.

Bullish Pennant Pattern

The formation of a pennant pattern gave bitcoin an incredible boost as on the 4-hour chart. Bitcoin. The breakout just under $8,400 resistance contributed immensely to the ongoing bullish phase. Besides, the jump above the 50 Moving Average cemented the bulls’ position on the market.

BTC/USD 4-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

At press time, Bitcoin is trading at $8,718 amid a building bullish momentum. Technical levels such as the upward sloping RSI suggest clearly show that Bitcoin buyers have eyes on just $8,700 but also $8,800. As long as the RSI mains the upward movement and breaches its way into the overbought region, the trend is bound to remain in the favor of the bulls. In addition to that, the bullish action is supported by the continued bullish session of the Elliot Wave Oscillator.

Bitcoin Key Levels

Spot rate: $8,691

Relative change: 120

Percentage change: 1.37%

RSI: Upward slopping hints increasing bullish traction

Support: $8,400, $8,200 and $8,000

Resistance: $8,800, $9,000 and $9,200

Trend: Bullish

Volatility: High

 

Summary
Bitcoin Price Analysis: Impressive Start Of The Week Blasts BTC/USD Towards $8,800
Article Name
Bitcoin Price Analysis: Impressive Start Of The Week Blasts BTC/USD Towards $8,800
Description
Bitcoin pennant pattern breakout aims for $8,800 and the run-up to $9,200. Bitcoin price technical level align for another bullish action likely to step past $8,800 in the short-term.
Author
Publisher Name
Coingape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Post your comment...
John Isige 387 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Follow John @