On Tuesday morning, BTC managed to bounce back to $8,900 and reached its daily high of $8,952.90. The coin is trading at $8,545.10 as of 12 PM EST, which means it rebounded by approximately 20% over the past week.
Further Upside For BTC/USD
With the price movements observed recently, further upside is expected for BTC. Two major bullish trend lines (as shown in chart) were formed today, with the latter line continuing and moving toward a resistance level of $8,600. If this resistance holds, then the next move up could finally end up at the $9,000 level. The $9,000 mark has been established by the investment community as a stiff resistance point.
Right now, BTC is holding down a support at $8,475. In the next hours, we will see BTC trading between this level and $8,600 before another breakout occurs above the resistance. The upside is confirmed by a bullish crossover between the 5-day and 20-day moving average lines. However, the bullish sentiment has not been confirmed by the MACD indicator yet.
To establish a long-term bull trend, investors will be patient and see if last week’s price movement could be replicated again this week.
Looking at the Technical Indicators:
- Short-term Moving Average Lines — Bullish crossover formed
- MACD — No bullish signal present at the moment
- Support Level — $8,475
- Resistance Level — $8,600
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