THELOGICALINDIAN - Key Points
Bitcoin amount is accepting clip aloft $7500 adjoin the US Dollar. BTC/USD ability anon breach $8000 for added assets aloft $8050.
Bitcoin Price Uptrend
There was a sharp bounce in bitcoin amount from the $5800-6000 beat breadth adjoin the US Dollar. The amount confused aloft the $7000 and $7500 attrition levels. The upside move was able and the amount alike traded abutting to the $8000 level. A new best aerial was formed at $7998 from area the amount started a correction. It confused beneath the 50% Fib retracement akin of the aftermost beachcomber from the $7105 low to $7998 high.
However, the downside move was accurate by the $7500 level. Moreover, the 61.8% Fib retracement akin of the aftermost beachcomber from the $7105 low to $7998 aerial additionally acted as a support. The amount is now affective aback college and eyes a analysis of the $8000 level. On the upside, there is a abutting resistance trend line basic with accepted barrier abreast $8050 on the 4-hours blueprint of BTC/USD. The brace ability analysis this trend band afresh and anatomy a new best aerial aloft $8000 in the abreast term.
On the downside, the amount is able-bodied aloft the $7500 abutment and the 100 simple affective boilerplate (H4). There is additionally a bullish trend band with abutment at $7650 on the aforementioned chart. Therefore, affairs dips in the abbreviate appellation charcoal a acceptable accord aloft $7500.
Looking at the abstruse indicators:
4-hours MACD – The MACD is accepting drive in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently able-bodied aloft the 50 level.
Major Support Level – $7500
Major Resistance Level – $8000
Charts address – SimpleFX
