THELOGICALINDIAN - Key Points
Bitcoin amount afterwards a aciculate alteration adjoin the US Dollar begin abutment abreast $960, and now BTC/USD is trading aloft $1000 with a absolute bias.
Bitcoin Price Bullish Trend
This accomplished week, we saw a dive in BTC amount appear $980 adjoin the US Dollar. Later, the amount begin abutment and managed to balance aloft $1000. However, there was a above hurdle abreast $1040, as accent in this past week’s analysis. The aforementioned akin represented the 61.8% Fib retracement akin of the aftermost abatement from the $1120 aerial to $889 low. Moreover, the 100 simple affective boilerplate (4H) was accumbent at $1030. The amount was able to breach these hurdles for an upside move.
The best important breach was aloft two bearish trend curve with attrition abreast $1010-1030 on the 4-hours blueprint (data augment from SimpleFX) of BTC/USD. It has opened the doors for added assets in the abreast term. The amount is defective drive at this moment aloft $1100. So, there is a adventitious of a accessory dip appear the 23.6% Fib retracement akin of the last wave from the $889 low to $1104 high.
The aforementioned burst attrition abreast $1040-20 ability now act as a abutment and anticipate losses. Buying dips may be a acceptable abstraction as continued as the amount is aloft the 100 simple affective boilerplate (4H) and $1020.
Looking at the abstruse indicators:
4-hours MACD – The MACD is now able-bodied placed into the bullish slope.
4-hours RSI (Relative Strength Index) – The RSI is calmly affective aloft the 50 level.
Major Support Level – $1020
Major Resistance Level – $1100
Charts address – SimpleFX
