Bitcoin technical analysis: BTC/USD consolidation above $8,000 necessary for the next rally

• Bitcoin will have to ensure the fluctuating movements witnessed but the long-term outlook is bullish.
• The forming falling wedge pattern signifies that a breakout is imminent.

Spot rate: $8,139

Trend: Strongly bearish in the near-term.

Support: $7,800, $7,700 and $7,500

Resistance: $8,400, $8,800 and $8,800

BTC/USD four-hour chart

Bitcoin bullish mojo runs out moves under $8,400. The price stays depressed under the descending trendline resistance.

Any dips under $8,000 are likely to bounce back owing to the support between $7,500 and $7,800.

BTC/USD daily chart

The Moving Average Convergence Divergence (MACD) suggests that the bulls have the upper hand.

The forming falling wedge pattern could eventually thrust Bitcoin above $9,000.

BTC/USD weekly chart

Bitcoin price stays above simple moving average 100 as it approaches an impending breakout from the still-forming falling wedge pattern.