THELOGICALINDIAN - Key Points
Bitcoin amount traded aloft $1220 adjoin the US Dollar this accomplished week, and now BTC/USD is trading abreast a above abutment area. Can it hold?
Bitcoin Price Important Bullish Trend Line Support
It was a acceptable anniversary for Bitcoin adjoin the US Dollar, as the amount traded aloft $1200. The BTC/USD brace remained in an uptrend and acquired abundant bids. However, the Bitcoin was apparent disturbing adjoin the Ethereum, as ETH/BTC traded aloft the 0.0150BTC attrition area. So, the bazaar affect for BTC/USD was not that aggressive, as it should accept been. The BTC/USD brace maintained a apathetic and abiding clip for an uptrend for a move aloft $1200.
The best important affair was our continued followed bullish trend line on the 4-hours blueprint (data augment from SimpleFX) of BTC/USD. It is currently positioned abreast $1170 as a support. We can see how abounding times the amount bounced, and traded higher. However, during the contempo times, it absent pace, which puts the amount at a accident beneath $1170. If there is a breach beneath the monster trend band abutment at $1170, there can be added losses.
On the added hand, if the amount keeps captivation the abutment trend line, it may bounce. On the upside, there is a attrition trend band at $1225, acting as a hurdle for added gains. A breach aloft it ability advance the amount added higher. Overall, the amount is bullish as continued as aloft the accent trend band abutment at $1170.
Looking at the abstruse indicators:
4-hours MACD – The MACD is currently in the bullish zone, but boring abbreviation the slope.
4-hours RSI (Relative Strength Index) – The RSI is branch appear the 50 level, which ability comedy an important role.
Major Support Level – $1170
Major Resistance Level – $1225
Charts address – SimpleFX
