THELOGICALINDIAN - Bitcoin amount is trading in a bullish area aloft 7000 and 6960 adjoin the US Dollar BTC is afraid but it is acceptable to ascend added aloft 7300
Bitcoin Price Analysis
Recently, we saw a sharp acceleration in bitcoin aloft the $6,800 and $7,000 attrition levels adjoin the US Dollar. Moreover, BTC amount acclimatized aloft the $7,000 akin and the 100 alternate simple affective average.
A new account aerial was formed abreast the $7,487 akin afore the amount started a downside correction. It traded beneath the $7,200 abutment area. Besides, there was a breach beneath the 23.6% Fib retracement akin of the contempo assemblage from the $6,435 low to $7,490 beat high.
However, the $7,000 abutment breadth is acting as a strong buy zone. At the moment, bitcoin amount is accumulation in a ambit aloft the $7,000 support. Additionally, there is a abbreviate appellation application triangle basic with attrition abreast $7,135 on the alternate blueprint of the BTC/USD pair.
If there is an upside breach aloft the $7,135 resistance, the amount could attack to beat the $7,240 ambit resistance. A acknowledged abutting aloft the $7,240 attrition is acceptable to accessible the doors for a beginning access appear $7,400 and $7,500.
In the mentioned case, the amount is acceptable to advance aloft the $7,500 attrition area. Conversely, the amount extend its alteration beneath $7,100.
The aboriginal above abutment is abreast $7,000. The abutting one is abreast the $6,960 akin and the 100 alternate simple affective average. The 50% Fib retracement akin of the contempo assemblage from the $6,435 low to $7,490 beat aerial is additionally abreast $6,960.
Therefore, the amount charcoal able-bodied accurate abreast the $7,000 and $6,960 abutment levels. Only a circadian abutting beneath $6,960 could abate the bullish appearance for a run appear the $7,500 akin in the advancing sessions.
Looking at the chart, bitcoin amount is acutely trading in a ambit aloft the $7,000 abutment area. In the abbreviate term, there could be a few bearish moves appear $6,960, but the amount is acceptable to animation aback aloft $7,240 and $7,300.
Technical indicators:
Hourly MACD – The MACD is boring affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is crumbling and is aloof beneath the 50 level.
Major Support Levels – $7,000 followed by $6,960.
Major Resistance Levels – $7,240, $7,400 and $7,500.
