Top Crypto Investment News, Listings, Member Posts, Crypto Investment Daily Indices and more!

4yrs ago Crypto newsbtc Views: 170

Bitcoin surged more than 5% to climb above the $7,700 and $7,800 resistance levels against the US Dollar. BTC price tested the $8,000 barrier and it could correct lower in the short term. Bitcoin price traded to a new 2020 high close to the $8,000 mark against the US Dollar. Despite all hurdles near $7,700 and $7,800, the bulls were able to gain strength. There was a break above a major contracting triangle with resistance near $7,620 on the hourly chart of the BTC/USD pair (data feed from Kraken). A short term correction is likely towards the $7,750 and $7,680 support levels. Bitcoin Tops Near $8,000 Yesterday, we discussed the chances of bitcoin rising towards the $7,800 and $8,000 resistance levels against the US Dollar. BTC overcame all hurdles and was able to climb above the $7,800 resistance area. Besides, there was a close above the $7,700 pivot level and the 100 hourly simple moving average. More importantly, there was a break above a major contracting triangle with resistance near $7,620 on the hourly chart of the BTC/USD pair. The pair rallied towards the $8,000 resistance, where sellers emerged. A new 2020 high is formed near $7,990 and the price is currently correcting lower. It traded below the 23.6% Fib retracement level of the recent rally from the $7,486 low to $7,990 high. On the downside, an initial support is near the $7,800 area. However, the first key support is near the $7,740 level. Moreover, the 50% Fib retracement level of the recent rally from the $7,486 low to $7,990 high is also near the $7,740 level. If there is an extended downside correction, bitcoin price might test the $7,680 support. Any further downsides might discourage the bulls and the price could dip towards the $7,580 support area. Chances of Another Upward Move in BTC It seems like BTC stalled close to the key $8,000 resistance area. Therefore, a short term correction cannot be ignored below the $7,800 area. Having said that, the price is likely to find bids near $7,740 or $7,680. Later, it could consolidate for a couple of sessions before another rise towards $8,000 or even $8,150. Bitcoin Price Looking at the chart, bitcoin price is likely to correct lower towards $7,680 before a fresh increase. Only if it settles below $7,500, the bears could take control and the price might drop to $7,000. Technical indicators: Hourly MACD – The MACD is slowly reducing its bullish slope. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower from the 80 zone. Major Support Levels – $7,740 followed by $7,680. Major Resistance Levels – $7,980, $8,000 and $8,150. on NewsBTC.

Today's Crypto Investment Headlines:

Log In for More
Access Over 250K+ Industry Headlines, Posts and Updates
Not a member yet?

Join AlphaMaven

The Premier Alternative Investment
Research and Due Diligence Platform for Investors

Free Membership for Qualified Investors and Industry Participants
  • Easily Customize Content to Match Your Investment Preferences
  • Breaking News 24/7/365
  • Daily Newsletter & Indices
  • Alternative Investment Listings & LeaderBoards
  • Industry Research, Due Diligence, Videos, Webinars, Events, Press Releases, Market Commentary, Newsletters, Fact Sheets, Presentations, Investment Mandates, Video PitchBooks & More!
  • Company Directory
  • Contact Directory
  • Member Posts & Publications
  • Alpha University Video Series to Expand Investor Knowledge
  • AUM Accelerator Program (designed for investment managers)
  • Over 450K+ Industry Headlines, Posts and Updates
ALL ALPHAMAVEN CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. CONTENT POSTED BY MEMBERS DOES NOT NECESSARILY REFLECT THE OPINION OR BELIEFS OF ALPHAMAVEN AND HAS NOT ALWAYS BEEN INDEPENDENTLY VERIFIED BY ALPHAMAVEN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THIS IS NOT A SOLICITATION FOR INVESTMENT. THE MATERIAL PROVIDED HEREIN IS FOR INFORMATIONAL PURPOSES ONLY. IT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS OF ANY FUND OR ANY OTHER SECURITIES. ANY SUCH OFFERINGS CAN BE MADE ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INVESTMENT'S PRIVATE PLACEMENT MEMORANDUM. PRIOR TO INVESTING, INVESTORS ARE STRONGLY URGED TO REVIEW CAREFULLY THE PRIVATE PLACEMENT MEMORANDUM (INCLUDING THE RISK FACTORS DESCRIBED THEREIN), THE LIMITED PARTNERSHIP AGREEMENT AND THE SUBSCRIPTION DOCUMENTS, TO ASK SUCH QUESTIONS OF THE INVESTMENT MANAGER AS THEY DEEM APPROPRIATE, AND TO DISCUSS ANY PROSPECTIVE INVESTMENT IN THE FUND WITH THEIR LEGAL AND TAX ADVISERS IN ORDER TO MAKE AN INDEPENDENT DETERMINATION OF THE SUITABILITY AND CONSEQUENCES OF AN INVESTMENT.