Bitcoin Price Watch – BTC/USD On Upward Swing

Bitcoin Price Watch

February 9, 2018 – Bitcoin price watch. On Friday, Bitcoin continued to rally despite the continuing stock market woes. Currently, BTC is trading at $8,547.10 as of 12:30 PM EST, which is near today’s highest point.

Bitcoin On Upward Swing

Looking ahead, it seems further gains could materialize for BTC. The price actions over the past few days have been encouraging for Bitcoin investors, and its price has more or less stabilized at above $8,000.

Today, more bullish trends have emerged. There was a huge upswing that took BTC from around $8,275 toward the daily high above $8,500, and another is developing that could test the $8,500 resistance level. The exponential moving average lines show that a price of at least $8,400 should hold for the next hours.

Source: Tradingview

As for the MACD indicator, a strong bullish signal is present. Should the $8,500 resistance hold, the next move up could take the coin to $9,000.

Looking at the Technical Indicators:

  • MACD — the MACD indicator is showing a strong bullish signal
  • Short-term Support Level — $8,200 to $8,400
  • Short-term Resistance Level — $8,500 to $9,000

Featured Image: Depositphotos/© puayhaha

In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.
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