THELOGICALINDIAN - Key Points
Bitcoin amount remained in an uptrend this accomplished anniversary against the US Dollar, and my appearance of added assets played able-bodied in the abreast term.
Bitcoin Price Rise
Bitcoin amount circumscribed for some time adjoin the US Dollar afore aggressive higher. In the aftermost account analysis, I mentioned that the BTC is trading with a absolute tone, presenting a accident of added gains. The amount did ascend college and bankrupt the anniversary aloft the $600 level. A new aerial of $626 was formed in the BTC/USD pair, and the brace is still trading with a bullish bias.
As mentioned, there is an ascendance approach arrangement formed on the 4-hours blueprint (data augment from SimpleFX) of BTC/USD. It may comedy a acute role for the BTC beasts in the abreast term. If the amount manages to breach in the channel, it may ascend further. The BTC bears at the moment attempting to breach the approach abutment area. However, it won’t be accessible for them to bright it.
A breach will burn a alteration in the BTC/USD pair. In that case, there is a adventitious of a move appear the 50% Fib retracement akin of the aftermost beachcomber from the $569 low to $626 high. Even then, the amount charcoal abutment and buying favored.
Looking at the abstruse indicators:
4-hours MACD – The MACD is currently in the bullish zone, but hardly affective lower.
4-hours RSI (Relative Strength Index) – The RSI is able-bodied aloft the 50 level, which is a absolute sign.
Major Support Level – $600
Major Resistance Level – $625
Charts address – SimpleFX
