THELOGICALINDIAN - Key Points
Bitcoin amount is currently acclimation higher, but adverse an important hurdle on the upside. Can BTC/USD administer to breach $417 and accretion further?
Bitcoin Price – Trend Line Resistance
As accent in yesterday’s post, Bitcoin amount started to actual higher afterwards trading as low as $407. However, the accepted accretion in BTC/USD won’t be an accessible ride, as there is a monster barrier formed on the upside for the BTC buyers. There is a assemblage attrition breadth basic abreast a bearish trend band on the alternate blueprint (data augment from Bitstamp).
The accent trend band attrition is positioned with the 100 alternate simple affective average, and the 50% Fib retracement akin of the aftermost bead of the $426 low to $407 low at $417. So, if the amount moves afterpiece to the accent assemblage attrition area, again there is a adventitious of sellers actualization and preventing any added gains.
One may alike accede affairs abreast $417 in the abbreviate term, but the stop should be actual bound (a abutting aloft the 100 alternate simple affective average). On the downside, an antecedent abutment is at $410, followed by the aftermost low of $407.
Looking at the abstruse indicators:
Hourly MACD – The alternate MACD is in the bullish slope, which agency the amount may move appear the accent attrition area.
RSI (Relative Strength Index) – The RSI is aloof about the 50 levels, and if the akin breaks, the amount may move down.
Intraday Support Level – $410
Intraday Resistance Level – $417
Charts from Bitstamp; hosted by Trading View
