RATE Group | Bitcoin Gearing For Lift-Off to $8,000: Rally Isn’t Over Yet
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Bitcoin Gearing For Lift-Off to $8,000: Rally Isn’t Over Yet

26 Apr Bitcoin Gearing For Lift-Off to $8,000: Rally Isn’t Over Yet

Posted at 09:48h in Bitcoin News by

Bitcoin is trading in a bullish zone above the $7,450 and $7,400 support levels against the US Dollar. BTC might dip a few points, but it remains well bid for a rally to $8,000.

  • Bitcoin is showing a lot of positive signs above the $7,400 and $7,200 support levels.
  • A clear break above the $7,650 resistance could open the doors for a fresh rally.
  • There is a short term contracting triangle forming with resistance near $7,625 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct a few points, but the bulls are likely to protect the $7,400 support

Bitcoin is Back in Uptrend

This past week, bitcoin started a strong rise from the $7,028 swing low against the US Dollar. BTC price gained bullish momentum and broke the key $7,200 resistance level.

It opened the doors for a decent increase above the $7,400 resistance and the 100 simple moving average (4-hours). The price even climbed above the $7,500 hurdle and traded to a new weekly high at $7,788.

Recently, there…

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