THELOGICALINDIAN - Key Points
Bitcoin amount burst adjoin the US Dollar, and bankrupt a above abutment area. Can BTC/USD balance and achieve bids affective ahead?
Bitcoin Price – 100 SMA as Resistance
Bitcoin amount attempted to achieve aloft the $425-426 yesterday, but bootless to accretion traction. I accent in yesterday’s column that the stated akin is a above attrition area and it is not account the risk. BTC confused bottomward acutely against USD, and the affliction allotment was the actuality that the amount bankrupt a acute abutment trend band on the alternate blueprint (data augment from Bitstamp).
There was a aciculate abatement already the amount bankrupt beneath the trend band abutment area, as 100 alternate simple affective boilerplate was additionally positioned abreast it. The accent breach may be crucial, as it might accord a acumen for the bears to booty allegation and attack to booty the amount bottomward already again.
If BTC/USD corrects higher, again it may acquisition a monster attrition abreast a assemblage breadth of the burst trend line, 100 alternate SMA and the 50% Fib retracement akin of the aftermost bead of the $426 low to $427 low. One may accede affairs abreast the accent attrition zone, but alone with a bound stop (an alternate abutting aloft the 100 SMA). On the downside, $407-405 may abide to act as a concise abutment area.
Looking at the abstruse indicators:
Hourly MACD – The alternate MACD is in the bullish slope, which a arresting of a accessory upside may be appear the accent attrition area.
RSI (Relative Strength Index) – The RSI is able-bodied beneath the 50 levels, suggesting that the amount is beneath a lot of pressure.
Intraday Support Level – $407
Intraday Resistance Level – $418-20
Charts from Bitstamp; hosted by Trading View
