THELOGICALINDIAN - Key Points
Bitcoin amount afterwards dipping abutting to $600 begin abutment and traded higher. Can BTC/USD breach the $680 hurdle to claiming $700?
Bitcoin Price Buy?
Bitcoin amount was in an uptrend this accomplished anniversary adjoin the US Dollar, and every aloft alteration in BTC/USD found buyers on the downside. The amount confused as low as $605 afore award buyers and affective higher. The amount is currently aloft the $650 akin and basic a application triangle arrangement on the 4-hours blueprint (data augment from Bitstamp) of BTC/USD.
The accent triangle arrangement holds the key for the BTC beasts in the abreast term. As it can be apparent from the chart, a blemish is approaching, and the affairs of a move college are abundant added because the accepted abstruse indicators. A acknowledged abutting aloft the 100 simple affective average (H4 chart) may additionally assignment as a agitator for the beasts to booty the amount higher.
Currently, the 61.8% Fib retracement akin of the aftermost bead from the $705 aerial to $605 low is acting as a resistance. I anticipate a breach and abutting aloft the mentioned fib akin and triangle attrition breadth may be a alarm to access a buy barter with a stop beneath the 100 SMA (H4 chart).
Looking at the abstruse indicators:
4-hours MACD – The MACD is about flat, suggesting a alliance afore the abutting move.
4-hours RSI (Relative Strength Index) – The RSI is aloft the 50 level, which is a absolute sign.
Major Support Level – $655
Major Resistance Level – $670
Charts address – SimpleFX
