THELOGICALINDIAN - Key Points
Bitcoin amount is accepting drive aloft $11,500 adjoin the US Dollar. BTC/USD is trading with a absolute bent and it looks set to breach the $12,800 resistance.
Bitcoin Price Resistance
After a major decline, bitcoin amount was able to acquisition buyers beneath the $10,000 akin adjoin the US Dollar. A low was formed at $9096 from area an upside accretion was initiated. The amount confused college and was able to barter aloft the $10,000 resistance. There was a breach aloft the 23.6% Fib retracement akin of the aftermost abatement from the $14,219 aerial to $9096 low.
There are abounding absolute signs on the blueprint aloft $11,000. More importantly, the amount is aloft the 50% Fib retracement akin of the aftermost abatement from the $14,219 aerial to $9096 low. At the moment, the BTC/USD brace is currently attempting to achieve aloft two bearish trend curve with attrition at $12,250 on the 4-hours chart. It is absolute assurance aloft $12,000. However, the brace has to achieve aloft the $12,800 akin to accretion upside momentum. Moreover, the amount should bright the 61.8% Fib retracement akin of the aftermost abatement from the $14,219 aerial to $9096 low at $13,010.
Overall, it looks like the brace is about a acute choice beneath $13,000. Should bitcoin succeeds in affective aloft $13,000, there could be added assets in the abreast appellation aloft $15,000.
Looking at the abstruse indicators:
4-hours MACD – The MACD is now boring affective in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is aloof aloft the 50 akin and is affective bottomward slowly.
Major Support Level – $11,000
Major Resistance Level – $13,000
Charts address – SimpleFX
