THELOGICALINDIAN - Key Points
Bitcoin amount is assuming a lot of absolute signs. As continued as it is aloft the 100 simple affective boilerplate (H4 chart) added assets are likely.
Bitcoin Price- Continue Buying?
Bitcoin amount as mentioned begin sellers abreast a above attrition breadth of $450 and adapted lower. However, there is a bullish trend band formed on the 4-hours chart (data augment from Bitstamp), which acted as a abutment and prevented any added losses. The amount is now attempting to balance in the abreast term, and may barter college affective ahead.
It is currently trading abreast the 61.8% Fib retracement akin of the aftermost bead from the $448 aerial to $404 low. If buyers administer to booty it aloft the declared fib level, again added assets are possible. The abutting hurdle on the upside could be about the 88.6% Fib retracement akin of the aftermost bead from the $448 aerial to $404 low.
On the downside, one charge accumulate afterward the accent trend band and abutment area. A breach beneath it may put a lot of burden on the bulls, and could booty the amount appear the 100 simple affective boilerplate (H4 chart). The best important abutment on the downside is about the $400 handle.
Looking at the abstruse indicators:
4-hours MACD – The MACD is in the bullish slope, which may act as a agitator for an upside move.
4-hours RSI (Relative Strength Index) – The alternate RSI is aloft the 50 level, which is a absolute sign.
Intraday Support Level – $420
Intraday Resistance Level – $445
Charts from Bitstamp; hosted by Trading View
