Bitcoin price broke out of a bottom consolidation overnight, jumping 11%, reclaiming the $8k handle ahead of the weekly close. We take a look at the price action as we head towards the weekly close.
Bitcoin Price: 4-Hour Chart
The 4-hour chart shows that bitcoin price 00 broke from $7,247 to $7,980 in one hourly candle, smashing through and past the $7,878 level from which the 20% decline occurred at Bitstamp.
This is particularly encouraging, on the basis that one may have expected to find short interest at this level.
Furthermore, this area also acted as support on the first time and resulted in a further push to find highs over $8,100, which implies that there is bullish momentum in this move.
The MACD has crossed bullish with its signal line and is now trending higher above zero, with higher highs on the histogram. The move was also supported by strong volume.
BTC/USD Weekly Chart
Taking an early look at the weekly chart, we can see that the resistance currently being faced, dates back to July of 2018. Interestingly, we…