BTC Analysis: BTC Facing Uphill Task Near $8000

Updated : 2019-06-12T20:34:16

According to the analysis of Aayush Jindal, Bitcoin (BTC) price revisited the key $7,500 support area against the US dollar, where the bulls emerged.

The price recovered recently above $7,800, but it is facing a strong resistance near the $8,000 level. There was a break above a major bearish trend line with resistance at $7,865 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).

The pair is currently struggling to clear the $8,000 resistance and the 55 SMA (4-hour). If there is a successful break above the 55 simple moving average (4-hour) and the $8,000 level, the price could continue to rise. Conversely, if the price continues to struggle near $8,000, there could be a fresh decline. An immediate support is at $7,760, below which the price could move back in a bearish zone. The main support is at $7,500, below which the price could move towards the $7,000 level.