THELOGICALINDIAN - Key Points
Bitcoin amount looks bullish on a college timeframe blueprint like the account chart, but the BTC beasts charge capitalize and booty it higher.
Bitcoin Price Crucial Break
Bitcoin amount managed to boring ascend college vs the US dollar, and traded aloft the $420 attrition area. The best important point was that the amount confused aloft a application triangle arrangement formed on the account blueprint (data augment from Bitstamp) of BTC/USD. If the BTC manages to accretion strength, again there is a absolute adventitious of Bitcoin amount ascent in the abreast term.
Another acute aspect is the actuality that the amount is aloft the 100-weekly simple affective average, calling for added upsides. Aftermost but not the least, the amount confused aloft the 23.6% Fib retracement akin of the aftermost bead from the $1150 aerial to $150 low. So, if the drive picks up, again BTC/USD can calmly move appear the 50% Fib retracement akin of the aftermost bead from the $1150 aerial to $150 low.
On the downside, if the amount moves down, again the burst triangle attrition breadth may act as a abutment area. Remember, this assay is on the account chart, so accede it as a continued appellation appearance and not a abbreviate appellation analysis.
Looking at the abstruse indicators:
Weekly MACD – The MACD is about flat, pointing appear a alliance afore a move higher.
Weekly RSI (Relative Strength Index) – The RSI is aloft the 50 level, which is a absolute assurance for the bulls.
Major Support Level – $420
Major Resistance Level – $450
Charts from Bitstamp; hosted by Trading View
Header Image: NewsBTC
