Bitcoin price remained in a bearish zone and recently declined below $7,600 against the US Dollar.
The price retested the $7,500 support area and it is currently consolidating losses.
There is a key bearish trend line forming with resistance near $7,820 on the hourly chart of the BTC/USD pair.
The pair could correct higher, but the bulls are likely to face resistance near $7,800 and $7,900.
We still in bullish right?

Support levels are at $7,960-$7,980, $7,870-$7,890 and $7,775. The confluences at those levels are:

• $7,960-$7,980: 15-min Bollinger band middle curve, weekly 38.2% Fibonacci retracement level, SMA 5, SMA 200, SMA 50, daily 23.6% Fibonacci retracement level and 1-hr previous low
• $7,870-$7,890: 5-day simple moving average (SMA 5), hourly Bollinger band middle curve, 4-hour Bollinger band middle curve, SMA 100 and daily Fibonacci 38.2% retracement level
• $7,775: Weekly Fibonacci 23.6% retracement level

Resistance levels are at $8,030, $8,100, $8,200, $8,250 and $8,300. The confluences at those levels are:

• $8,030: 15-min Bollinger band upper curve, 4-hour previous high and SMA 10
• $8,100: No confluence detected
• $8,200: Daily Bollinger band middle curve and monthly Fibonacci 23.6% retracement level
• $8,250: Daily pivot point resistance 1 and SMA 100 curve
• $8,300: The top-most resistance level has the weekly 61.8% Fibonacci retracement level

Bitcoin performance in the last couple of days has been phenomenal especially when you consider the day towards last week where BTC/USD was stuck in a $600 narrow range while phased with indecision. The momentum gave it the power to climb well into the $8,000 bull territory, in turn, signaling for more buy entries.

• Bitcoin holds on the three-months trendline as price picks up momentum.
• Bitcoin breaks above $8,700 while the bulls have no intentions of giving up control.

Bitcoin current momentum has allowed the price to respect a long-term trendline that has held ground for the last three months. This trendline could signal further growth in the near future, after all the bulls have their eyes glued on $10,000 for the ultimate medium-term goal.

A high-volume weekly close above $10,000 would expose the 50 percent Fibonacci retracement resistance of $11,394. It is worth noting that the cryptocurrency is up nearly 140 percent on a quarter-to-date basis (from April 1’s opening price). The bulls usually take a breather following such stellar rallies. So, a sudden correction cannot be ruled out. That said, the outlook would turn bearish only if the price violates the bullish higher lows pattern with a move below $7,500.

There exists a possibility that the sheer momentum of the crypto market carries Bitcoin price from $10,000 to $15,000 in the near term. However, having already recorded a 189 percent year-to-date gain against the U.S. dollar, a strong catalyst is needed for the asset to sustain its momentum.