THELOGICALINDIAN - Key Points
Bitcoin amount remained animated adjoin the US Dollar, and it looks like BTC/USD may anon attack a retest of the $1700 akin in the abreast term.
Bitcoin Price Uptrend Intact
This accomplished week, there was a aciculate access in Bitcoin price, as it activated the $1700 akin adjoin the US Dollar. The best allotment was that there were abounding resistances breach like $1500 and $1600. A solid trend as forecasted in the aftermost account assay aloft $1450 is established, and we may see added upsides. The amount afresh activated $1700 (data augment from SimpleFX), but could not breach it for a move appear $1720. Later, it started a alteration beachcomber and confused beneath the $1600 support.
It traded as low as $1506 area it begin support. At the moment, there are two bullish trend curve formed with abutment at $1550 and $1525 on the 4-hours blueprint of BTC/USD. These both trend curve are important for added assets aloft $1620. The amount is already aloft the 23.6% Fib retracement akin of the aftermost abatement from the $1700 aerial to $1506 low.
So, there are aerial affairs of BTC accepting absorption and affective aloft $1650. Currently, it is attempting a breach aloft the 50% Fib retracement akin of the aftermost abatement from the $1700 aerial to $1506 low at $1605. If it succeeds, it could accessible the doors for a abounding analysis of the aftermost beat aerial at $1700. The all-embracing trend charcoal bullish as continued as the amount is aloft $1520.
Looking at the abstruse indicators:
4-hours MACD – The MACD is currently beneath accessory divergence.
4-hours RSI (Relative Strength Index) – The RSI is affective college and is aloft the 50 level.
Major Support Level – $1520
Major Resistance Level – $1650
Charts address – SimpleFX
