THELOGICALINDIAN - Key Points
Bitcoin amount may accept fabricated a concise top abreast $1240 adjoin the US Dollar, but dips abide accurate in BTC/USD in the abreast term.
Bitcoin Price Trend Line Support
There was a solid increase in Bitcoin price, as it confused aloft $1200 adjoin the US Dollar. The amount started an upside move, and bankrupt a brace of attrition levels like $1160 and $1185 to set an uptrend. The best allotment was a abutting aloft the 100 simple affective boilerplate (H4) at $1165. Moreover, the amount was additionally able to breach the 1.618 addendum of the aftermost abatement from the $1120 aerial to $889 low. It afire a aciculate upside move and the amount confused aloft $1200.
A new account aerial was formed abreast $1239 from there the amount started acclimation lower. The amount has adapted lower, and burst a bullish trend band at $1224 on the 4-hours chart. This is a concise bearish sign, and may alarm for added losses. At the moment, the BTC/USD brace is trading abreast addition bullish trend band at $1190. It is acting as a abutment forth with the 23.6% Fib retracement akin of the aftermost beachcomber from the $889 low to $1239 high.
Moreover, the 100 simple affective average (H4) at $1160 is cat-and-mouse to act as a abutment if the amount moves bottomward further. In my view, the amount is beneath a concise alteration mode, but charcoal accurate as continued as aloft $1165.
Looking at the abstruse indicators:
4-hours MACD – The MACD is currently flat.
4-hours RSI (Relative Strength Index) – The RSI is disturbing to authority the 50 level.
Major Support Level – $1160
Major Resistance Level – $1220
Charts address – SimpleFX
