THELOGICALINDIAN - Key Points
Bitcoin amount continued assets and traded aloft $6900 adjoin the US Dollar. BTC/USD now eyes a analysis of the all-important $7000 handle.
Bitcoin Price Bullish Trend
Yesterday, we saw how bitcoin amount was advancing for added gains aloft $6400 adjoin the US Dollar. There was a solid upside move and the amount was able to breach the $6500 attrition to barter aloft $6900. A new best aerial was formed at $6909 from area a concise alteration was initiated. The best allotment was the actuality that there was a breach aloft yesterday’s accent ascendance approach with attrition at $6522 on the alternate blueprint of the BTC/USD pair.
At present, the brace is trading abreast the 23.6% Fib retracement akin of the aftermost leg up from the $6282 low to $6909 high. On the downside, there is a new abutting bullish trend band basic on the aforementioned blueprint of BTC with accepted abutment at $6680. The 38.2% Fib retracement akin of the aftermost leg up from the $6282 low to $6909 aerial is additionally positioned abreast $6669. Therefore, the $6680-70 levels are appropriate supports in the abbreviate term.
The best important abutment is abreast $6600. It is abreast the 50% Fib retracement akin of the aftermost leg up from the $6282 low to $6909 high. On the upside, the brace ability attack a breach aloft $6900 for a advance appear $7000 in the abreast appellation already the accepted alteration is complete.
Looking at the abstruse indicators:
Hourly MACD – The MACD is acerb placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is able-bodied into the overbought levels, pointing a concise correction.
Major Support Level – $6600
Major Resistance Level – $7000
Charts address – SimpleFX
