THELOGICALINDIAN - Key Points
Bitcoin amount acquaint abundant assets adjoin the US Dollar, and it looks like the accepted trend for the BTC/USD brace is cool bullish.
Bitcoin Price Uptrend
Recently, we saw how there was a acute breach in Bitcoin amount adjoin the US Dollar. The BTC buyers managed to affected all allowance and austere a above barrier at $800. It was a super able resistance, and acted as a attrition on abounding occasions. Once there was a break, it meant that the amount may billow higher. The amount did move college and acquaint assets added than $50.
All accepted timeframe archive point a able bullish trend for BTC. The amount afresh traded aloft $860 (data augment from SimpleFX). On added brokers it is aloft $840, and about to claiming $850. Currently, it looks like the amount is trading in a ambit and consolidating. So, there is a adventitious of a accessory correction in the abbreviate term. In that case, there is a abutting bullish trend band on the alternate blueprint (data augment from SimpleFX) of BTC/USD.
The trend band abutment additionally aligns with the 38.2% Fib retracement akin of the aftermost leg from the $841 low to $864 high. If you are attractive to buy, again accede it on dips abreast the trend band support.
Looking at the abstruse indicators:
Hourly MACD – The MACD is cool bullish, and suggesting added gains.
Hourly RSI (Relative Strength Index) – The RSI is able-bodied in the overbought levels, and may burn a correction.
Major Support Level – $850
Major Resistance Level – $865
Charts address – SimpleFX
