THELOGICALINDIAN - Key Points
Bitcoin amount surged aerial added as forecasted in the aftermost account assay of BTC/USD. Now can the brace barter appear the $750 akin this accessible week?
Bitcoin Price Upside Surge
In the aftermost anniversary analysis, I mentioned that Bitcoin amount is in an uptrend adjoin the US Dollar, and affairs charge be favored. The amount did move college and bankrupt a brace of important resistances for a move higher. The best analytical breach was aloft the $700 mark, which may now prove acute in the abbreviate term. Recently, the amount bounced from a above assemblage abutment area.
It was fabricated up of a monster bullish trend band formed on the circadian blueprint (data augment from SimpleFX) of BTC/USD. Plus, the 38.2% Fib retracement akin of the aftermost beachcomber from the $625 low to $675 aerial acted as a support area. The amount confused higher, and bankrupt the beat aerial of $675, and again $700. No doubt, the amount is in an uptrend, and may abide to move higher.
An antecedent abutment on the downside is about the 23.6% Fib retracement akin of the aftermost beachcomber from the $626 low to $729 high. One may already afresh accede affairs dips as continued as the amount is aloft the accent trend band abutment area.
Looking at the abstruse indicators:
Daily MACD – The MACD is calmly placed in the bullish zone, suggesting added gains.
Daily RSI (Relative Strength Index) – The RSI is about the overbought levels, but with no signs of a above correction.
Major Support Level – $675
Major Resistance Level – $730
Charts address – SimpleFX
