RATE Group | This Pattern Could Send Bitcoin To $8,200 Where Bears Are Waiting
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This Pattern Could Send Bitcoin To $8,200 Where Bears Are Waiting

10 Mar This Pattern Could Send Bitcoin To $8,200 Where Bears Are Waiting

Posted at 05:38h in Bitcoin News by

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Bitcoin is currently correcting higher from the $7,638 monthly low against the US Dollar. BTC price could correct higher towards the $8,200 resistance area, where the bears are likely to appear.

  • Bitcoin is showing a few recovery signs above the $7,800 level against the US Dollar.
  • The price is currently forming a rounding pattern, which could lead the price towards $8,200.
  • There was a break above a declining channel with resistance near $7,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to face a strong selling interest near the $8,200 and $8,220 levels.

Bitcoin Sighting Short Term Recovery

In the past few sessions, there was a sharp decline in bitcoin from well above the $8,200 level against the US Dollar. BTC price even broke the $8,000 support level and settled well below the 100 hourly simple moving average.

A new monthly low is formed near $7,638 and the price is currently correcting higher. It surpassed the $7,800 and $7,850 resistance levels….

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