THELOGICALINDIAN - Key Points
Bitcoin amount is affective absolutely from $12,500 low adjoin the US Dollar. BTC/USD is currently eyeing added assets as continued as aloft $15,800.
Bitcoin Price Rise
We saw a decent abutment base formed in bitcoin amount about the $12,000 akin adjoin the US Dollar. The amount started a nice upside move and managed to move aloft the $13,000 and $14,000 attrition levels. During the upside move, the amount additionally confused aloft the $15,000 akin and the 100 simple affective boilerplate (4-hours). Moreover, there was a breach aloft a key bearish trend band with attrition at $14,100 on the 4-hours blueprint of BTC/USD.
It opened the gates for added assets and the amount was able to move aloft the $15,000 and $16,000 levels. A aerial was formed afresh at $17,048 from area the amount may actual a few credibility lower. An antecedent abutment on the downside is about the 38.2% Fib retracement akin of the aftermost beachcomber from the $14,040 low to $17,048 high. Moreover, there is a abutting bullish trend line basic with abutment at $15,800 on the aforementioned chart.
The trend band abutment is abreast the 50% Fib retracement akin of the aftermost beachcomber from the $14,040 low to $17,048 high. Therefore, if the amount corrects lower, it is acceptable to acquisition abutment aloft $15,500. The all-embracing trend is absolute for BTC and the amount is acceptable to move added college aloft $17,000.
Looking at the abstruse indicators:
4-hours MACD – The MACD is placed accurately in the bearish slope.
4-hours RSI (Relative Strength Index) – The RSI is affective lower appear the 55 level.
Major Support Level – $15,800
Major Resistance Level – $17,000
Charts address – SimpleFX
