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Recently, Bitcoin has been trading at the edge of the $8,000 area. It managed to regain momentum after the previous fall.
Crypto markets have held on to their weekend gains as Bitcoin remains buoyant. The correction that never was ended in early Sunday trading when BTC surged back towards $8,000. BTC sharply pulled back to just above $7,900 after hitting resistance but has since regained composure and climbed back up to $8,000.
Bitcoin is consolidating inside the range between $7,500 and $8,500, our buy trigger line. Notably, Bitcoin's upward momentum remains and it is likely to continue.
Currently, the price is below $8,000 and moving lower. MACD does not show any definite trend in the market as the MACD lines and Histograms are at the 0 line now. Despite the bullish bias, certain correction and retreat towards the $7,500 area are expected before Bitcoin continues its bullish run towards the $8,500 area in the coming days. As far as the price remains above the $7,500 area, the bullish bias is likely to continue, while a breakout above $8,500 with a daily close will indicate further upward movement towards $10,000.
SUPPORT: 7,000 / 7,250 / 7,500
RESISTANCE: 8,000 / 8,400 / 8,500
BIAS: BULLISH
MOMENTUM: VOLATILE
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