THELOGICALINDIAN - Bitcoin amount is up added than 10 and assuming signs of a able changeabout adjoin the US Dollar However BTC charge abide aloft 7500 to alpha a beyond rally
Bitcoin Price Analysis
After a abiding decline, bitcoin acicular beneath the $6,600 and $6,500 abutment levels adjoin the US Dollar. However, losses in BTC were bound beneath $6,500 (as warned in yesterday’s column – Bitcoin (BTC) Bears Remain in Driver’s Seat but Bulls Not Done Yet).
A new account low was formed abreast $6,435 afore the amount started a able reversal. There was a aciculate assemblage and the amount surged aloft abounding resistances abreast $6,800 and $7,000.
Moreover, there was a breach aloft a key bearish trend band with attrition abreast $6,700 on the alternate blueprint of the BTC/USD pair. The brace alike acclimatized aloft $7,000 and the 100 alternate simple affective average.
Finally, it acicular aloft the $7,200 and $7,300 attrition levels. Bitcoin traded abutting to the $7,500 akin and a new intraday aerial was formed abreast $7,487. At the moment, the amount is acclimation assets beneath $7,300.
Additionally, there was a breach beneath the 23.6% Fib retracement akin of the contempo advance from the $6,435 low to $7,487 high. On the downside, there are abounding supports abreast $7,150, $7,100 and $7,000.
The capital abutment is abreast the $6,950 akin and the 100 alternate simple affective average. Besides, the 50% Fib retracement akin of the contempo advance from the $6,435 low to $7,487 aerial is abreast the $6,960 level.
Therefore, dips abide able-bodied accurate on the downside abreast the $7,000 and $6,950 levels. On the upside, the amount is facing key hurdles abreast $7,400 and $7,500. A acknowledged circadian abutting aloft $7,500 would accomplish the case for a beyond assemblage appear $8,000 and $8,200.
Looking at the chart, bitcoin amount is acutely assuming a lot of absolute signs aloft the $7,000 level. In the abbreviate term, there could be a downside reaction, but the beasts are acceptable to assure losses beneath $6,950.
Technical indicators:
Hourly MACD – The MACD is boring affective into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied aloft the 50 level.
Major Support Levels – $7,100 followed by $7,000.
Major Resistance Levels – $7,300, $7,400 and $7,500.
