THELOGICALINDIAN - Key Points
Bitcoin amount continues to accretion drive adjoin the US Dollar and traded accomplished $900. Let us see if the BTC/USD brace can claiming $1000 or not.
Bitcoin Price Bullish Trend
There was no endlessly Bitcoin price, as it bankrupt college adjoin the US Dollar, and bankrupt yet addition important attrition at $900. Yesterday, we saw how the amount traded aloft $800 and acquired pace for a ride aloft $850. I accent the affairs of a accessory alteration in BTC/USD yesterday. The amount did actual a few points, and jumped acutely to accretion pace.
The best important point was that yesterday’s accent bullish trend band on the alternate blueprint (data augment from SimpleFX) of BTC/USD acted as a acceptable support. It provided bids, and helped the brace in accepting drive one added time. The amount traded college and today went accomplished addition crucial attrition of $900. If the accepted drive and clip continues, there is a adventitious that the brace may alike analysis the $940 handle soon.
The aforementioned trend band abutment is still complete on the downside, and may accommodate abutment if the brace corrects lower appear $900 (data augment from SimpleFX), abroad $880 back we accede boilerplate of added brokers. An antecedent abutment on the downside is at 23.6% Fib retracement akin of the aftermost leg from the $865 low to $927 high. One may abide affairs dips as continued as the accepted bazaar affect is intact.
Looking at the abstruse indicators:
Hourly MACD – The MACD is cool bullish, and calling for added upsides.
Hourly RSI (Relative Strength Index) – The RSI is in the overbought levels, but with no assurance of a correction.
Major Support Level – $900
Major Resistance Level – $940
Charts address – SimpleFX
