Bitcoin price analysis: BTC/USD forming a higher low pattern
|- Bitcoin correction above $8,300 is inevitable in the near-term.
- Bitcoin has tremendous support starting with $8,200.
Bitcoin price has been performing incredibly well since it reclaimed its position above $8,000. Prior to the gains experienced in the last couple of days, BTC/USD was stuck in a $600 narrow range. Key support at $7,500 allowed the bulls to focus on assaulting higher levels towards and beyond $8,000. Although Bitcoin made several unsuccessful attempts to sustain growth above $8,000 the breakout on Wednesday propelled it to levels close to $8,300. Further gains yesterday
Meanwhile, Bitcoin is trading at $8,250 amid a consolidation phase across the market. The retracement from the new weekly highs found support at $8,200. Building bullish momentum means that a break above $8,300 is inevitable in the coming sessions.
Meanwhile, the rising wedge pattern is also approaching a breakout that is likely to place Bitcoin in a fresh path towards the next resistance at $8,400. Looking at the chart, Bitcoin has tremendous support starting with $8,200, $8,100, $8,000 and $7,700. The 50 SMA and the 100 SMA currently playing catchup suggest further correction north
BTC/USD 1-hour chart
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