THELOGICALINDIAN - Key Points
Bitcoin amount charcoal is placed able-bodied aloft the $5500-5600 abutment adjoin the US Dollar. BTC/USD ability breach the $5850 attrition for added upsides soon.
Bitcoin Price Buy Dips
There were decent gains in Bitcoin amount aloft the $5400 akin adjoin the US Dollar. The amount remained accurate aloft $5500 and alike attempted a breach aloft $6000 once. However, sellers appeared and prevented assets aloft $6000. A aerial was formed at $5999 and the amount started acclimation lower. It has confused beneath the 38.2% Fib retracement akin of the aftermost beachcomber from the $5362 low to $5999 high.
However, the downside move beneath $5500 seems to be limited. Buyers appeared abreast $5650 and the 50% Fib retracement akin of the aftermost beachcomber from the $5362 low to $5999 high. More declines attending bound by the $5600 and $5500 abutment levels. Moreover, the 100 simple affective boilerplate (H4) is additionally abreast the $5680 akin to act as a concise support. It seems like there is a key application triangle basic with support at $5600 on the 4-hours blueprint of BTC/USD.
The brace ability barter in a ambit and central the triangle aloft $5500 afore the abutting move. A breach and abutting aloft $5850 would accessible the doors for an upside alluvion against the $6000 level. On the downside, the $5600 and $5500 levels are buy zones.
Looking at the abstruse indicators:
4-hours MACD – The MACD is now placed in the aloof zone.
4-hours RSI (Relative Strength Index) – The RSI is currently aloof beneath the 50 level.
Major Support Level – $5600
Major Resistance Level – $5850
Charts address – SimpleFX
