THELOGICALINDIAN - Key Points
Bitcoin amount showed a lot of bullish signs this accomplished week, and it looks like BTC/USD charcoal in an uptrend as continued as it stays aloft $440.
Bitcoin Price- 100 SMA as a abutment area
Bitcoin amount surged college as the BTC bulls managed to outpace the sellers. There was a breach and abutting aloft the $450 level, but the amount begin sellers abreast $470, and confused bottomward sharply. However, there is a bullish trend band on the 4-hours blueprint (data augment from Bitstamp) of BTC/USD, which acted as a abutment and adjourned the downside move.
The accent trend band and abutment breadth acted as a buy area and pushed the amount higher. BTC traded positively, and austere the 50% Fibonacci retracement akin of the bead from the $470 aerial to $435 low. Currently, the amount is award sellers abreast 61.8% Fib retracement akin of the aforementioned wave. So, there is a adventitious of a minor correction from the accepted levels.
Buying dips may be a acceptable advantage in the abreast term, as on the downside, the 100 simple affective boilerplate (4-hours) may act as a barrier for sellers forth with the accent trend band and abutment area. Stop should be placed beneath the trend band if you are attractive to buy.
Looking at the abstruse indicators:
4-hours MACD – The MACD is in the bullish zone, calling for added assets in BTC/USD.
4-hours RSI (Relative Strength Index) – The RSI is aloft the 50 level, which is a bullish sign.
Major Support Level – $440
Major Resistance Level – $465
Charts from Bitstamp; hosted by Trading View
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