THELOGICALINDIAN - Key Points
Bitcoin amount is currently in a bullish trend adjoin the US Dollar, and it looks like the BTC/USD brace may barter added college this week.
Bitcoin Price Buy Dips
In the aftermost account analysis, I declared that Bitcoin is a good buy on the dips adjoin the US Dollar in the abbreviate term. It looks like the abstraction did assignment as BTC amount managed to ascend college and registered a abutting aloft the $635 resistance. There was a nice upside move, which took Bitcoin amount aloft a brace of important hurdles. There was a new account aerial acquaint at $647, and currently the amount is consolidating.
There is a banderole arrangement basic on the 4-hours blueprint (data augment from SimpleFX) of BTC/USD. It may comedy a aloft role in the abbreviate term, and could atom yet addition rally. On the downside, the 23.6% Fib retracement akin of the aftermost beachcomber from the $611 low to $647 aerial is acting as a abutment forth with the banderole lower trend line. As continued as the amount is aloft it, there is a adventitious of a breach higher.
The abutting stop on the upside may be about the $650 akin area the BTC sellers may try their best to anticipate any added gains. If at all, there is a downside break, again the 50% Fib retracement akin of the aftermost beachcomber from the $611 low to $647 aerial may be tested.
Looking at the abstruse indicators:
4-hours MACD – The MACD is currently placed in the bullish zone, but boring accident momentum.
4-hours RSI (Relative Strength Index) – The RSI is able-bodied aloft the 50 level, which is a absolute sign.
Major Support Level – $635
Major Resistance Level – $650
Charts address – SimpleFX
