THELOGICALINDIAN - Key Points
Bitcoin amount traded in a ambit this accomplished week. Can buyers accomplish in demography BTCUSD college or sellers ability accretion backbone for a downside move?
Bitcoin Price- $490-525 as Resistance
Bitcoin amount managed to break aloft a key abutment breadth of $400 this accomplished week, but there was a lot of struggle to bright a analytical attrition breadth of $425. BTCUSD was mostly apparent trading in a ambit of $400-425, and both the ambit abutment breadth and ambit attrition area played able-bodied as buy and advertise area respectively.
Now, if we attending at the big account and try to assay the account chart, again we will apperceive that the amount is currently trading below a monster hurdle. There is an important attrition bandage breadth formed abreast $490-$525, as can be apparent on the account blueprint of BTCUSD (data augment from Bitstamp). The declared levels acted as a abutment and attrition beforehand abounding times. So, it can be advised as a above axis area.
One absolute for the beasts is the actuality that the amount is aloft the 100-week simple affective average. There is a achievability that the amount may abide to consolidate in a baby ambit for some time afore the amount either moves aloft the attrition breadth or break the 100-week SMA for a downside move.
Looking at the abstruse indicators:
Weekly MACD – The MACD is flat, and there is no arresting of any above move.
Weekly RSI (Relative Backbone Index) – The RSI is aloft the 50 level, pointing appear the buyers’ strength.
Weekly Support Level – $400
Weekly Resistance Level – $440
Charts from Bitstamp; hosted by Trading View
