![[Market] Bitcoin no gravity, but that is why it can be corrected in the short term](https://img-blog.csdnimg.cn/20200107154113946.PNG?x-oss-process=image/watermark,type_ZmFuZ3poZW5naGVpdGk,shadow_10,text_aHR0cHM6Ly9ibG9nLmNzZG4ubmV0L2Vvc3RhbGs4MTgx,size_16,color_FFFFFF,t_70)
Bitcoin soared more than 5% against the dollar above $ 7,700 and $ 7,800 resistance level. BTC tested the $ 8,000 price barrier, it may fall in the short term.
Bitcoin prices rose to a new high in 2020, approaching $ 8,000 / dollar.
Despite all the obstacles in the vicinity of $ 7,700 and $ 7,800, but the bulls still be able to gain strength.
BTC / USD major breakthrough triangle shrinkage versus hours of resistance at around $ 7,620
Short-term correction may move towards $ 7,750 and $ 7,680 support level.
Bitcoin close to $ 8,000
Yesterday, we discussed the possibility of bitcoins against the dollar to $ 7800 and $ 8,000 resistance level. BTC overcome all obstacles and be able to rise above resistance at 7,800 to the dollar.
In addition, close above the horizontal pivot of $ 7,700 and 100 hours simple moving average. More importantly, a major breakthrough in the triangle of contraction on the BTC / USD hourly chart of currency and resistance at around $ 7,620.
The pair rebounded to $ 8,000 resistance level, sellers appeared. The new 2020 highs formed in the vicinity of $ 7,990, the price is currently lower. It Feibolaqi trading below 23.6% retracement of the recent rally, rebounded from a low of $ 7,486 to a high of $ 7,990.
The downside is the initial support level near $ 7800. However, the first key support level at around $ 7,740. In addition, the recent rebound Feibolaqi 50% retracement (from a low of $ 7,486 to $ 7,990 highs) are close to the $ 7,740 level.
If further downside correction, bitcoin prices may test the support level of $ 7,680. Any further downside may prevent the bulls, prices could fall to $ 7,580 to support the region.
![[Market] Bitcoin no gravity, but that is why it can be corrected in the short term](https://img-blog.csdnimg.cn/20200107154222309.PNG?x-oss-process=image/watermark,type_ZmFuZ3poZW5naGVpdGk,shadow_10,text_aHR0cHM6Ly9ibG9nLmNzZG4ubmV0L2Vvc3RhbGs4MTgx,size_16,color_FFFFFF,t_70)
BTC chance to rise again
BTC seems near key resistance level of $ 8,000 stagnated. Therefore, short-term correction in the dollar below the 7,800 area can not be ignored.
Having said that, the price is likely to find bids near $ 7,740, or $ 7,680. Later, it can merge several days, and then rose to $ 8,000 or even $ 8,150.
Hourly MACD - MACD is slowly reducing its bullish slope.
Hour RSI (relative strength index) - BTC / USD RSI of 80 is corrected from the area.
The main support level - $ 7,740 followed by $ 7,680.
The main resistance - $ 7,980, $ 8,000 and $ 8,150.
