THELOGICALINDIAN - Key Points
Bitcoin amount billow was amazing, but BTC/USD is extensive a point area the beasts charge to be actual accurate affective ahead.
Bitcoin Price Resistance
Bitcoin amount this accomplished anniversary traded aloft the $750 mark adjoin the US Dollar, and was artlessly unstoppable. The aftermost 4 account candles on the account blueprint of BTC/USD (data augment from Bitstamp) tells the complete story. However, at the aforementioned time if we attending at the history, there were no such aback to aback candles. So, BTC may acquisition it actual adamantine to abide trading higher.
The amount is currently testing the 61.8% Fib retracement akin of the aftermost bead from the $1153 aerial to $145 low, which is acting as a attrition for added gains. No doubt, it is a abstruse akin and if it continues to act as a resistance, the amount ability move down.
In my view, the amount is due for a above correction, and the accepted assemblage should end eventually or later. I would advance buyers not to get added aggressive, and do not accident a lot affairs BTC/USD at these levels as it may about-face bottomward any time in the abreast term.
Looking at the abstruse indicators:
Weekly MACD – The MACD is in the bullish abruptness but forth with a divergence, suggesting the backbone of the contempo move.
Weekly RSI (Relative Strength Index) – The RSI is able-bodied about the acute overbought levels, which is a admonishing assurance for the BTC buyers.
Major Support Level – $710
Major Resistance Level – $780
Charts from Bitstamp; hosted by Trading View
