THELOGICALINDIAN - Key Points
Bitcoin amount traded beneath 100 SMA (H4 chart) recently, which is acting as a attrition now. A breach aloft it is bare for BTC/USD to accretion momentum.
Bitcoin Price – Buy with a break?
Bitcoin amount traded a few credibility higher this accomplished week, but it struggled already afresh to breach the $425-30 attrition breadth and started to move down. During the downside alluvion BTC/USD bankrupt the 100 simple affective boilerplate (H4 chart), which can be advised as a acute break. However, the amount begin abutment abreast a bullish trend band on the 4-hours blueprint (data augment from Bitstamp) of BTC to USD.
There was a aciculate acknowledgment acclaimed about the trend band abutment from area the amount bounced back. However, the burst 100 SMA (H4 chart) is currently acting as a attrition for added gains. It can act as a axis point for Bitcoin price. If BTC/USD breach it and the amount settles aloft 100 SMA, again added upsides are possible. One may accede affairs with a breach and abutting aloft it with a bound stop of about 2 points.
Buying dips may additionally not be a bad abstraction as continued as BTC/USD is aloft the trend band abutment with a stop beneath the same.
Looking at the abstruse indicators:
4-hours MACD – The MACD is in the bearish zone, which agency the bears accept an high hand.
4-hours RSI (Relative Strength Index) – The RSI is beneath the 50 level, which is a bearish assurance as continued as the amount is beneath the 100 SMA.
Major Support Level – $412
Major Resistance Level – $425
Charts from Bitstamp; hosted by Trading View
