THELOGICALINDIAN - Key Points
Bitcoin amount is calmly placed in a bullish trend adjoin the US Dollar, and it looks like BTC/USD is all set to anatomy a new aerial aloft $800.
Bitcoin Price Downside Support
There was a nice upside surge in BTC amount this accomplished week, as buyers managed to outdistance the USD bazaar sentiment. There was a addition for the Bitcoins, which took the amount higher. The amount traded as aerial as $807 afore the amount started accumulation gains. The amount is currently acclimation lower, and already activated the 23.6% Fib retracement akin of the aftermost beachcomber from the $684 low to $807 high.
The aftermost few candles on the 4-hours blueprint are signaling a accessory alteration in BTC/USD. So, there is a adventitious that the amount break the $775 akin for added declines. On the downside, the best important abutment is abreast a acute bullish trend band formed on the 4-hours blueprint (data augment from SimpleFX) of BTC/USD. The aforementioned trend band holds a lot of significance, as the 100 simple affective boilerplate (H4 chart) is additionally positioned abreast it. Moreover, the 38.2% Fib retracement akin of the aftermost beachcomber from the $684 low to $807 aerial is additionally about the aforementioned trend line.
Overall, the trend is bullish for Bitcoin price, and any dips from the accepted levels may be advised as a affairs opportunity.
Looking at the abstruse indicators:
4-hours MACD – The MACD is currently in the bullish zone, but assuming signs of a accessory correction.
4-hours RSI (Relative Strength Index) – The RSI is able-bodied aloft the 50 level, which is a absolute sign.
Major Support Level – $760
Major Resistance Level – $800
Charts address – SimpleFX
