Bitcoin price analysis: Barriers ahead but supports at rescue
|- BTC nearing a resistance.
- Support nearby to help the bounce.
Bitcoin, the poster boy of cryptocurrencies, suprised the skeptics in the last few days by bouncing from the troughs to reach beyond $8,000 and now is near the resistance level that might cut short its ongoing price rally.
BTC/USD is up about 0.3 percent at $8,205 and on the weekend trading in a narrow band of close to one percent. After rallying hard in the last few days, BTC has reached a resistance on the 120-minute chart that might curtail its ongoing price rally.
Solace for the bulls is that it may not fall too much from here as there's a medium term support at rescue around $8,000. So range for now for BTC could be placed at $8,000 - $8,250.
BTC/USD 120-minute chart:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.