Bitcoin Price Analysis: BTC breaks previous wave high in a bullish move

• Bitcoin trades 5.64% higher on Thursday as the crypto space catches a bid.
• The previous wave high of 7466.00 has been broken and the price could move to higher levels.

BTC/USD 4-hour chart

Bitcoin moved higher today in a bullish move which saw BTC/USD take out the previous wave high of 7466.00. Now it seems the pair looks on its way to test the psychological 8K level. The level is planted between the 138.2% and 161.8% Fibonacci extension levels. 

Looking closer at some of the technical indicators now and the price is still trading above both the 55 and 200 moving averages. The relative strength index indicator has now moved into overbought territory. This means we could see a small retracement before the trend continues in its upward trajectory. Another positive note is the volume spike marked by the circle at the bottom of the chart. It is good to see breakouts backed by good volume as its a good confirmation signal.

Additional levels