THELOGICALINDIAN - Key Points
Bitcoin amount surged college aloft $7000 adjoin the US Dollar. BTC/USD is captivation an important abutment aloft $6900 and eyes added gains.
Bitcoin Price Support
Yesterday, we saw discussed the affairs of a spike aloft the $7000 level in bitcoin amount adjoin the US Dollar. The amount rocketed college and calmly bankrupt the $7000 handle to anatomy yet addition best higher. It alike bankrupt the $7200 and $7300 levels and acquaint a aerial at $7333. Later, a alteration beachcomber was accomplished and the amount confused beneath the $7200 level. Sellers succeeded in breaking the 38.3% Fib retracement akin of the aftermost move up from the $6280 low to $6333 high.
However, the downside move was bound by the $6800 support. The best allotment was the actuality that yesterday’s accent bullish trend band with accepted abutment at $6930 adequate losses on the alternate blueprint of the BTC/USD pair. Moreover, the 50% Fib retracement akin of the aftermost move up from the $6280 low to $6333 aerial chock-full the downside move.
The brace is already afresh affective college and is currently trading aloft $7000. It should authority the trend band abutment and abide aloft $6900 for added assets in the abreast term. On the upside, an antecedent attrition is at $7100 followed by the contempo best aerial at $7333. Overall, BTC remains buy on dips in the abbreviate appellation aloft $6900.
Looking at the abstruse indicators:
Hourly MACD – The MACD has hardly bargain its bullish slope.
Hourly RSI (Relative Strength Index) – The RSI is currently aloof aloft the 50 level.
Major Support Level – $6900
Major Resistance Level – $7100
Charts address – SimpleFX
