THELOGICALINDIAN - Key Points
Bitcoin amount is abiding aloft the $12,600 adjoin the US Dollar. BTC/USD could anon accretion drive aloft $14,500 to move accomplished $15,000 in the abreast term.
Bitcoin Price Upside Move
This accomplished anniversary was hardly bearish for bitcoin amount as it confused beneath the $14,000 akin adjoin the US Dollar. The amount traded lower and confused appear the $12,200 level. A low was formed at $12,670 from area the amount started an upside move. It traded aloft the $13,000 akin and the 23.6% Fib retracement akin of the aftermost abatement from the $17,112 aerial to $12,670 low.
During the upside, there was a breach aloft a aloft bearish trend band with attrition at $13,800 on the 4-hours blueprint of BTC/USD. The brace managed to move aloft the $13,900 level. However, the upside move was adequate by the $14,000 akin and the 100 simple affective average. Moreover, the 38.2% Fib retracement akin of the aftermost abatement from the $17,112 aerial to $12,670 low additionally acted as a resistance. It seems like the amount has to move aloft the $14,500 akin and the 100 SMA to accretion upside momentum.
Once there is a breach aloft the $14,500 level, there are affairs of it breaking the $15,000 akin in the abreast term. The all-embracing bent is abiding aloft the $12,500 akin with an antecedent abutment on the downside at $13,200.
Looking at the abstruse indicators:
4-hours MACD – The MACD is assuming a few absolute signs of a trend change.
4-hours RSI (Relative Strength Index) – The RSI is disturbing to move aloft the 50 level.
Major Support Level – $12,500
Major Resistance Level – $14,500
Charts address – SimpleFX
