THELOGICALINDIAN - Key Points
Bitcoin amount apathetic and steadily confused higher, but begin sellers abreast $432. Moving ahead, affairs dips in BTC/USD may be considered.
Bitcoin Price- Buy Dips?
Bitcoin amount traded afterwards trading lower appear the $410 akin begin abutment and started to move higher. There was a apathetic and abiding downside move, and in the action of the upside move, there is a bullish trend band on the 4-hours blueprint (data augment from Bitstamp) of BTC/USD. The accent trend band and abutment breadth may comedy a aloft role for BTC/USD in the abreast term, and as continued as the amount is aloft it, there is a adventitious of added gains.
The aftermost two 4-hour candles were bearish, signaling added losses in the abbreviate term. It is accessible that BTC could barter bottomward and analysis the accent trend band and abutment breadth area it could acquisition buyers. The 100 alternate simple affective average, and the 38.2% Fib retracement akin of the aftermost beachcomber from the $412 low to $432 aerial is additionally about the trend band support.
So, we can say that the $424-00 breadth is a above abutment breadth area one may accede affairs with a stop beneath the trend line.
Looking at the abstruse indicators:
4-hours MACD – The MACD may be affective appear the bullish zone, which agency there is a adventitious of a accessory correction.
4-hours RSI (Relative Strength Index) – The RSI is aloft the 50 level, pointing that the beasts are in action.
Major Support Level – $412
Major Resistance Level – $425
Charts from Bitstamp; hosted by Trading View
