THELOGICALINDIAN - Key Points
Bitcoin amount acquired bids adjoin the US Dollar to barter aloft a acute hurdle ($1000). BTC/USD now has confused into the bullish area with buy dips approach.
Bitcoin Price Support
It looks like Bitcoin amount managed to balance well during the accomplished anniversary adjoin the US Dollar, as it confused aloft $1000. There was a absolute anatomy accumulation for a recovery. The best allotment was a abutting aloft the $1000 level, and additionally aloft the 100 simple affective boilerplate (H4). The aforementioned 100 SMA may now act as a abutment on the downside abreast $1023 if the amount moves down.
There are a few important abutment levels formed on the downside abreast $1020 and $1000. The 23.6% Fib retracement akin of the aftermost beachcomber from the $916 low to $1056 aerial is positioned at $1023. It is altogether accumbent with the 100 SMA. It agency there is a crucial abutment formation abreast $1023. Below $1023, there is a nice bullish trend band formed on the 4-hours blueprint (data augment from SimpleFX) of BTC/USD.
It can be advised as a buy zone, as the trend band is affective college and ability boring adjust abreast $1020. Overall, the amount charcoal accurate on the downside abreast $1023 and the trend line. As continued as there is no abutting beneath $1000, one may accede affairs on dips.
Looking at the abstruse indicators:
4-hours MACD – The MACD is in the bullish area and suggesting absolute signs.
4-hours RSI (Relative Strength Index) – The RSI is affective bottomward from the overbought levels, but charcoal able-bodied aloft the 50 level.
Major Support Level – $1020
Major Resistance Level – $1050
Charts address – SimpleFX
