THELOGICALINDIAN - Key Points
Bitcoin amount is disturbing to bright the $4450-4500 levels adjoin the US Dollar. A breach aloft $4500 in BTC/USD is bare for $5000 in the abreast term.
Bitcoin Price Trend Support
Bitcoin amount fabricated a nice upside move this accomplished anniversary and traded appear the aftermost aerial of $4470 adjoin the US Dollar. The amount traded as aerial as $4450 area it faced sellers and started a correction. The amount traded beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $4070 low to $4450 high. However, the downside move was independent by the $4250 abutment zone.
The 50% Fib retracement akin of the aftermost beachcomber from the $4070 low to $4450 aerial at $4260 prevented declines. The amount is now boring affective college aloft $4300, but defective pace. There is a acute bullish trend band with abutment at $4280 basic on the 4-hours blueprint of BTC/USD. The accent trend band abutment at $4280-4260 could comedy a above role for the next move in the abreast term.
As continued as the amount is aloft the $4280-4260 abutment area, it ability retest the aftermost beat aerial at $4450. On the flipside, if there is a breach and abutting beneath $4250, the amount could analysis $4100. Moreover, the 100 simple affective boilerplate on the aforementioned blueprint is abreast $4070, which is analytical support. Overall, the abutting move depends whether the amount can authority the trend band and abutment at $4250 or not.
Looking at the abstruse indicators:
4-hours MACD – The MACD is still affective into the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is additionally able-bodied aloft the 50 level.
Major Support Level – $4250
Major Resistance Level – $4450
Charts address – SimpleFX
