THELOGICALINDIAN - Bitcoin BTC is trading with a bullish bent and it could assemblage aloft the 5100 attrition Altcoins like Ethereum ripple bitcoin banknote litecoin and cardano are trading aloft key supports and acceptable to barter higher
Bitcoin Price Analysis
Recently, we saw a appropriate downside alteration from the $5,359 beat aerial in bitcoin amount adjoin the US Dollar. The BTC/USD brace beneath beneath the $5,250 and $5,100 abutment levels to move into a abbreviate appellation bearish zone. The amount traded as low as $4,754 and remained able-bodied aloft the 100 alternate simple affective average. Later, there was a beginning access aloft the $4,900 akin and the 23.6% Fib retracement akin of the aftermost bead from the $5,360 beat aerial to $4,754 low.
The amount afresh traded aloft a abutting bearish trend band with attrition at $4,975 on the alternate chart. The amount alike traded aloft the $5,000 level, but it bootless to accretion drive aloft the $5,050 resistance. There was additionally no acceptable breach aloft the 50% Fib retracement akin of the aftermost bead from the $5,360 beat aerial to $4,754 low. At present, the amount is trading in a ambit aloft the $4,950 and $4,900 supports. There is additionally a above bullish trend band basic with abutment at $4,820 on the aforementioned chart.
Therefore, there could be ambit moves in the abbreviate appellation afore the amount attempts to beat the $5,050 and $5,100 attrition levels. Looking at altcoins, NANO and ZIL are currently accepting bullish drive and are up added than 10%. Among the top 10 coins, Ethereum, ripple, bitcoin banknote and litecoin are placed accurately aloft key supports and they are acceptable to chase bitcoin college if it clears the $5,100 resistance.
Looking at the chart, BTC amount seems to be accumulation assets aloft the $4,800 abutment and the 100 alternate SMA. It is acceptable to ascend aloft the $5,050 and $5,100 attrition levels. The abutting key attrition is abreast $5,250, aloft which the amount is acceptable to revisit the $5,359 high. Conversely, a abutting beneath $4,800 and the 100 alternate SMA ability advance the amount appear the $4,600 area.
Technical indicators:
Hourly MACD – The MACD is boring affective aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently collapsed aloft the 50 level.
Major Support Levels – $4,900 followed by $4,800.
Major Resistance Levels – $5,050, $5,100 and $5,200.
