Bitcoin towards $8,000: Are Bulls going to take over?

Bitcoin seems to be steady in his performance after crossing the resistance level at $7,600 yesterday and now, resting around $7,700.

However, the price value has jumped slightly and bulls are making their efforts to break the next resistant position of $7,800 which seems to be a, currently, difficult hedge against the trend line. On Friday, we had seen a great move as the trend line went to $7,880 from $7,430 and then again pull back to $7,750.
There is a slight wedge seen in the chart which is a downward wedge. The wedge can hinder the way of the BTC trend line when it will touch the figure of $8,100. The 20-days moving average is still above the trending line despite its dragging in the upward direction in the last four days.

When the weekly data analyzed through the volume profile visible range (VPVR) we come to know that the range between $7,800 and $8,200 is hard to defeat and bulls will have difficulty to overcome this zone.

The one day chart unveils the performance of the past 5-days in the upward direction as labeled as green candles. However, the ups and downs occurs are seen when gazing through less than 4-hours charts but the overall value moved slightly towards recovery.

Bullish Analysis

The trading volume has failed to drag the price value in the bullish zone and the selling pressure is dominant in the BTC markets. However, some crypto analysts are speculating that there are strong signals that price will be in the bullish zone in the next coming days. But to show a rally, it will need some time and the accumulation of trading volume.

To make its next target to $10,000, it needs to break the downward wedge and particularly the zone between the $7,800 and $8,200. Currently, the price value of the Bitcoin is standing at $7,660.

What is your prediction about BTC? Let us know in the comment section.

Leah Hutton

Leah Hutton has recently joined Tokenhell team as a freelance writer. She has comprehensive knowledge of blockchain and various cryptocurrencies.
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