THELOGICALINDIAN - Key Points
Bitcoin amount started a nice upside move vs the US Dollar, and it looks like there is a adventitious of BTC/USD retesting the $1000 level.
Bitcoin Price Bullish Trend
This accomplished anniversary we saw how Bitcoin price started a recovery adjoin the US Dollar, traded aback aloft the $800 level. We saw a banderole arrangement formed on the 4-hours blueprint of BTC/USD, which connected to act as a abutment and pushed the amount aloft $800. The trend connected this accomplished week, as the amount afterwards a alliance started trading higher.
At first, the amount bankrupt the 23.6% Fib retracement akin of the aftermost abatement from the $1302 aerial to $707 low (data augment from SimpleFX). Later, the amount managed to breach the 100 simple affective average (H4) at $850. This afire an upside move, and the amount is now aloft $900. Moreover, the amount has additionally acclimatized aloft the 38.2% Fib retracement akin of the aftermost abatement from the $1302 aerial to $707 low. All in all, these are absolute signs, and may lift the amount added higher.
The abutting stop for Bitcoin amount looks abreast $1000, as it is a above hurdle. It acted as a attrition beforehand as well, and may act as a barrier on this break as well. Overall, the amount is in an uptrend, and may abide to accretion pace.
Looking at the abstruse indicators:
4-hours MACD – The MACD is able-bodied into the bullish slope.
4-hours RSI (Relative Strength Index) – The RSI is extensive the overbought levels, but still branch north.
Major Support Level – $900
Major Resistance Level – $1000
Charts address – SimpleFX
