THELOGICALINDIAN - Key Points
Bitcoin amount afterwards a aberrant ride adapted lower appear $650 adjoin the USD. It looks like the BTC/USD is accession for addition move higher.
Bitcoin Price Buy Dips?
I mentioned in my aftermost account analysis that Bitcoin amount charcoal in an uptrend adjoin the US Dollar, and may abide to accretion strength. There was a accessory dip this accomplished week, and again the amount acicular higher. During the upside move the amount bankrupt the 61.8% Fib retracement akin of the aftermost beachcomber from the $625 low to $729 aerial to accessible the doors for an upside move.
The BTC/USD brace alike bankrupt the aftermost aerial to barter as aloft the $750 level. However, the BTC sellers appeared about $760, and pushed the brace down. There was a downside move, demography the amount aback appear the $700 level. However, a acute bullish trend band formed on the 4-hours blueprint (data augment from SimpleFX) of BTC/USD acted as a abutment breadth and protected losses. The amount is now bouncing back.
It has already burst the 38.2% Fib retracement akin of the aftermost bead from the $758 aerial to $665 low. It is a bright arresting that the amount may abide to move higher, and could alike analysis the aftermost beat aerial of $758. One may accede affairs dips as continued as the amount is aloft the trend band support.
Looking at the abstruse indicators:
4-hours MACD – The MACD is currently in the bearish zone, but boring alteration bias.
4-hours RSI (Relative Strength Index) – The RSI has aloof confused aback aloft the 50 level, which is a absolute sign.
Major Support Level – $700
Major Resistance Level – $730
Charts address – SimpleFX
