RATE Group | Bitcoin (BTC) Shows Signs of Important Reversal, $8.8K Next?
64832
post-template-default,single,single-post,postid-64832,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin (BTC) Shows Signs of Important Reversal, $8.8K Next?

10 Oct Bitcoin (BTC) Shows Signs of Important Reversal, $8.8K Next?

Posted at 06:55h in Bitcoin News by

[ad_1]

  • Bitcoin price is up more than 5% and it broke the key $8,500 resistance against the US Dollar.
  • The price is currently consolidating gains above the $8,500 and $8,400 support levels.
  • There is a short term breakout pattern forming with support near $8,540 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is showing a lot of positive signs and it could continue to rise above $8,600 and $8,750.

Bitcoin price is back in a positive zone above $8,500 against the US Dollar. BTC could correct in the short term, but it remains well supported above $8,350.

Bitcoin Price Analysis

Yesterday, we saw a minor downside correction in BTC below the $8,200 support area against the US Dollar. We also discussed a possible bounce as long as the price holds the $8,000 support area and the 100 hourly simple moving average. The price did stay above $8,000 and recently started a strong upward move. It is up more than 5% and surpassed the $8,350 resistance. Moreover, there was a break above…

[ad_2]

Source link

Tags:
, , , , , ,