THELOGICALINDIAN - Key Points
Bitcoin amount is aback in the bullish area aloft $1000 adjoin the US Dollar, and BTC/USD looks set for added assets possibly appear $1080.
Bitcoin Price Bullish Trend
This past anniversary was positive for Bitcoin price, as it bankrupt the $980 attrition adjoin the US Dollar. The upside move acquired pace, and as a result, there was a breach aloft the $1000 level. The amount additionally managed to breach the 1.618 addendum of the aftermost bead from the $980 aerial to $920 low. It opened the doors for added assets in the abbreviate term, and the amount afresh traded as aerial a $1076 (data augment from SimpleFX).
The amount at the moment acclimation lower, and acceptable branch appear the 23.6% Fib retracement akin of the aftermost leg from the $979 low to $1076 high. The aforementioned fib akin additionally coincides with a crucial bullish trend abutment in the anatomy of as ascendance approach on the 4-hours blueprint at $1053. So, we can say that the amount charcoal accurate on the downside abreast $1050-1053.
Only a abutting beneath the approach abutment breadth may alarm for added declines. In that case, a analysis of the 38.2% Fib retracement akin of the aftermost leg from the $979 low to $1076 aerial is possible. On the upside, the abutting above attrition could be abreast $1080.
Looking at the abstruse indicators:
4-hours MACD – The MACD is in the bullish area with absolute momentum.
4-hours RSI (Relative Strength Index) – The RSI is abiding aloft the 70 level, and acclimation lower.
Major Support Level – $1050
Major Resistance Level – $1080
Charts address – SimpleFX
