THELOGICALINDIAN - Key Points
Bitcoin amount charcoal able-bodied in the bullish area aloft $7000 adjoin the US Dollar. BTC/USD ability breach $7500 anon and could alike analysis $8000.
Bitcoin Price Remains Buy on Dips
There were monster gains in Bitcoin amount as it confused aloft $6500 and $7000 adjoin the US Dollar. The amount acquired a lot of clip and buyers succeeded in alike breaking the $7200 resistance. A contempo aerial was formed abreast $7477. Before $7477, there was a beat aerial formed at $7438 for a downside correction. Sellers pushed the amount aback appear $7000 and a low was formed at $6945.
Later, the amount recovered acutely and confused aback aloft $7200. There was alike a abutting aloft the 76.4% Fib retracement akin of the aftermost bead from the $7438 aerial to $6945 low. It opened the doors for added gains aloft $7438. It seems like amount would anon breach $7500 and analysis the 1.236 Fib addendum of the aftermost bead from the $7438 aerial to $6945 low at $7555. Aloft the $7555 level, the abutting ambition could be the 1.618 Fib addendum of the aftermost bead from the $7438 aerial to $6945 low about $7700.
If buyers abide in control, there is alike a adventitious of a analysis of $8000 in the advancing days. On the downside, there is a above bullish trend band basic with abutment at $7300 on the 4-hours blueprint of BTC/USD, which is additionally a buy zone.
Looking at the abstruse indicators:
4-hours MACD – The MACD is acerb placed in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently abreast the 70 level.
Major Support Level – $7300
Major Resistance Level – $7550
Charts address – SimpleFX
