THELOGICALINDIAN - Key Points
Bitcoin amount grinded college this accomplished anniversary and bankrupt a above attrition area. There are bright signals for added assets in BTC/USD affective ahead.
Bitcoin Price- Are you attractive to buy?
Bitcoin amount climbed higher this accomplished anniversary adjoin the US dollar and bankrupt a few important barriers on the way to set the clip for added gains. BTC/USD buyers additionally austere a bearish trend band on the alternate blueprint (data augment from Bitstamp), which can be apparent as a bullish assurance and ability booty the amount added higher. Currently, the amount is disturbing abreast the $457-60 attrition breadth and adverse offers.
So, there is a adventitious of BTC affective bottomward a few credibility afore aggressive already again. If you are attractive to buy, again an antecedent abutment on the downside is about the 50% Fibonacci retracement akin of the aftermost beachcomber from the $444 low to $457 high. However, the best important support and a buy area is abreast the burst trend line, which is additionally ancillary with the 61.8% Fibonacci retracement akin of the aforementioned wave.
Overall, one may accede affairs abreast $450-445 with a stop of an alternate abutting beneath the 100 simple affective average.
Looking at the abstruse indicators:
Hourly MACD – The MACD is in the bullish zone, suggesting absolute signs in the abreast appellation for BTC/USD.
Hourly RSI (Relative Strength Index) – The RSI is about the overbought levels, calling for a accessory correction.
Major Support Level – $450
Major Resistance Level – $457
Charts from Bitstamp; hosted by Trading View
