THELOGICALINDIAN - Key Points
Bitcoin amount charcoal in a monster bullish trend adjoin the US Dollar, and BTC/USD is now able-bodied accurate abreast the $1280 and $1300 levels.
Bitcoin Price Upside Surge
There were a brace of dips in Bitcoin amount appear $1260 and $1280 adjoin the US Dollar. However, the amount remained supported on the downside abreast $1250. Every time there was a decline, the amount bounced aback and confused aloft $1300. At the moment, the amount is trading able-bodied aloft the $1300 level, and attractive to extend gains. There was a breach aloft the 1.236 addendum of the aftermost abatement from the $1319 aerial to $1295 low. It has opened the gates for addition beat beachcomber in the abreast term.
The amount is afterward a monster ascendance approach with abutment at $1280 formed on the 4-hours blueprint of BTC/USD. The aforementioned approach provided abutment on the dips abreast $1250-40. At the moment, the amount is trading abreast the approach attrition breadth at $1350. It is acting as a hurdle, and may burn a accessory downside move appear $1320. The declared akin additionally coincides with the 23.6% Fib retracement akin of the aftermost beachcomber from the $1221 low to $1350 high.
So, if the amount declines in the abreast term, it is acceptable to acquisition abutment at $1320. However, the best important support is abreast the 50% Fib retracement akin of the aftermost beachcomber from the $1221 low to $1350 aerial at $1285.
Looking at the abstruse indicators:
4-hours MACD – The MACD is currently cool bullish.
4-hours RSI (Relative Strength Index) – The RSI is affective about the 70 akin in the bullish zone.
Major Support Level – $1285
Major Resistance Level – $1350
Charts address – SimpleFX
