FX.co ★ Technical analysis of BTC/USD for April 08, 2023

(cryptocurrency) :

Trading Bitcoin (BTC/USD) :

Bitcoin : The bullish trend is currently very strong for Bitcoin - BTC/USD. As long as the price remains above the support at 27,839 USD, you could try to take advantage of the bullish rally in short term. The first bullish objective is located at 27,839 USD (this price is coincided with the ratio 50% of Fibonacci retracement levels).

The bullish momentum would be revived by a break in this resistance. Since three weeks BTC/USD increased within an up channel, for that Bitcoin hits new high 28k USD. Bitcoin price had a significant breakout above the price of 27,839 USD.

BTC/USD is part of a very strong bullish trend. Traders may consider trading only long positions as long as the price remains well above the levels of 27,839 USD.

Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 27,839 USD, which coincides with a golden ratio (50% of Fibonacci).

Consequently, the first support is set at the level of 27,839. Hence, the market is likely to show signs of a bullish trend around the spot of 27,839 USD. The next resistance located at 28,592 USD is the next bullish target to be reached.

A bullish break in this resistance would boost the bullish momentum. The bullish movement could then continue towards the next resistance located at 29k USD.

Closing above the pivot point (27,839 USD) could assure that BTC/USD will move higher towards cooling new highs. The bulls must break through 28,592 USD in order to resume the up trend.

Buyers would then use the next resistance located at 29,177 USD as an objective (this price is coincided with the ratio 100% of Fibonacci retracement levels - the double top - the last bullish wave on the hourly chart - 29,177 USD).

Bitcoin price is bullish but climbing higher will be strict, our next target 29,177 USD. Crossing it would then enable buyers to target 29,177 USD. Be careful, given the powerful bullish rally underway, excesses could lead to a short-term rebound.

Also it should be noted that BTC and cryptocurrencies unite as the bears lose their momentum. The market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.

BTC's price has been consolidating between the 27,482 USD and 29,177 USD over the last few weeks, following a massive rising from the 28,100 USD mark. So far, the price has been supported by the 27,482 USD USD support.