THELOGICALINDIAN - Key Points
Bitcoin amount is accepting drive as the circadian blueprint of BTC/USD looks positive. Can BTC absorb backbone to breach the $600 handle?
Bitcoin Price Eyeing Gains
Bitcoin amount grinded college this accomplished week vs the US Dollar and acquired a lot of strength. The aftermost 10 circadian candles are absorbing and suggesting that the BTC beasts are in control. The amount bankrupt an important attrition breadth abreast $550, which may now act as a abutment breadth if BTC/USD moves bottomward from the accepted or college levels. As mentioned, there is a bullish trend band formed on the circadian blueprint (data augment from Bitstamp) of BTC/USD, which acted as a acumen for the upside surge.
Now let us attending at how far the amount can move? I anticipate there are aerial affairs of the amount breaking the all-important $600 level. If we look at the aftermost wave, again the 1.618 addendum of the aftermost bead from the $500 aerial to $295 low is about the $625 level. So, I anticipate the amount may analysis the mentioned extension, and may alike breach it in the abreast term.
The amount is additionally able-bodied aloft the 100-day simple affective average, which is a bullish assurance and may lift the bazaar affect further.
Looking at the abstruse indicators:
Daily MACD – The MACD is acerb bullish and calling for added assets in BTC/USD.
Daily RSI (Relative Strength Index) – The RSI is about the overbought levels, which may burn a accessory downside acknowledgment as a correction.
Major Support Level – $550
Major Resistance Level – $600
Charts from Bitstamp; hosted by Trading View
