THELOGICALINDIAN - Bitcoin amount started a massive bullrun aloft the 4500 and 5000 resistances adjoin the US Dollar BTC is currently disturbing abreast the 5240 attrition but added upsides seems possible
Bitcoin Price Analysis
In the accomplished two days, we saw a awful advancement move aloft the $4,500 attrition in bitcoin amount adjoin the US Dollar. The BTC/USD brace alike climbed aloft the $5,000 attrition and acclimatized able-bodied aloft the 100-day simple affective average. During the recent rise, there was a breach aloft a brace of important resistances abreast the $4,000 and $4,200 levels (green area). It opened the doors for a aciculate assemblage aloft the $4,800 and $5,000 levels.
More importantly, there was a breach aloft the 50% Fib retracement akin of the aftermost cogent bead from the $6,559 aerial to $3,122 low. The amount acclimatized aloft the $5,000 attrition breadth and afresh activated the abutting above hurdle abreast $5,240-5,260. It represents the antecedent beat low abreast $5,250 (red line). Besides, the 61.8% Fib retracement akin of the aftermost cogent bead from the $6,559 aerial to $3,122 low is additionally abreast the $5,240 level. Therefore, the contempo downside alteration was from a acute abstruse attrition abreast $5,250.
Having said that, downsides are acceptable to be bound back there are abounding supports abreast $5,000, $4,900 and $4,840. If there is an continued correction, the amount could analysis the $4,600 or $4,550 support. There is additionally a above abutting bullish trend band formed with abutment abreast $4,200 on the circadian blueprint of the BTC/USD pair. The capital abutment is abreast the antecedent blemish breadth abreast the $4,200 level.
Looking at the chart, bitcoin amount acutely confused into a able uptrend aloft $5,000. It is currently adverse a acute attrition abreast $5,240, aloft which there are affairs of added upsides appear the $5,500 or $5,750 level. The final stop for buyers could be $6,000 if there is a able chase through aloft $5,500. On the downside, buyers are acceptable to abide alive abreast $4,840 or $4,600 in the abreast term.
Technical indicators:
Daily MACD – The MACD is placed heavily in the bullish zone.
Daily RSI (Relative Strength Index) – The RSI for BTC/USD climbed aloft the 80 akin and currently collapsed abreast 87.
Major Support Levels – $4,840 followed by $4,600.
Major Resistance Levels – $5,250, $5,500 and $5,750.
