THELOGICALINDIAN - Key Points
Bitcoin amount is currently in an uptrend adjoin the US Dollar, and it looks like the BTC/USD brace may abide to barter college in the abreast term.
Bitcoin Price Trend Line Support
There was a nice bullish trend accomplished in Bitcoin amount adjoin the US Dollar from the $720-00 abutment area. The abstracts augment of SimpleFX suggests that the amount traded aloft $800 already afore starting acclimation lower. There was a downside move, demography the amount appear the 100 simple affective boilerplate (4-hours chart) at $760. Later, an upside move in BTC/USD was accomplished already again, and the brace confused aloft the 23.6% Fib retracement akin of the bead from the $806 aerial to $760 low.
The accepted upside move is accurate by an important bullish trend band formed on the 4-hours blueprint (data augment from SimpleFX) of BTC/USD. The trend band is consistently accouterment abutment to the pair, and acting as a axis area. As continued as the brace is aloft it, there is a possibility of a run appear $800 one added time.
On the upside, an antecedent attrition is about the 61.8% Fib retracement akin of the bead from the $806 aerial to $760 low at $788. In short, the accepted trend is bullish that may abide to advance BTC/USD higher.
Looking at the abstruse indicators:
4-hours MACD – The MACD is currently in the bullish zone, but with beneath momentum.
4-hours RSI (Relative Strength Index) – The RSI is currently aloft the 50 level, which is a bullish sign.
Major Support Level – $770
Major Resistance Level – $800
Charts address – SimpleFX
