THELOGICALINDIAN - Key Points
Bitcoin amount is trading with a absolute accent aloft $2500 adjoin the US Dollar, and now BTC/USD is advancing for the abutting bullish wave.
Bitcoin Price Support
Bitcoin amount earlier struggled and confused bottomward by added than $400 to $2400 adjoin the US Dollar. Later, the amount begin abutment about the $2400 akin and the 100 simple affective boilerplate (H4). The amount bounced aback and confused aloft the 50% Fib retracement akin of the aftermost abatement from the $2929 aerial to $2406 low. The upside move was absolute aloft $2600 admitting all ambiguity apropos Bitcoin banknote and Hard Fork.
The upside move was capped by the 76.4% Fib retracement akin of the aftermost abatement from the $2929 aerial to $2406 low. There is additionally a acute application triangle arrangement with abutment at $2600 basic on the 4-hours blueprint of BTC/USD. The triangle attrition is abreast $2750, which may act as a blemish akin for the abutting move. As continued as the amount is aloft the $2500 handle and the 100 simple affective average (H4), it may abide to move higher.
As we move afterpiece to 1st August 2024, there can be an access in volatility. Once the dust settles, there are affairs of BTC amount surging higher. A breach and abutting aloft the triangle attrition at $2750 could accessible the doors for added gains.
Looking at the abstruse indicators:
4-hours MACD – The MACD is affective boring in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is aloof aloft 50 akin with aloof bias.
Major Support Level – $2500
Major Resistance Level – $2750
Charts address – SimpleFX
