THELOGICALINDIAN - Bitcoin BTC is trading in a bound ambit and seems to be advancing for the abutting key breach Ethereum ripple bitcoin banknote and litecoin are accumulation while Ravencoin RVN and loopring LRC rallied 10
Bitcoin Price Analysis
In the accomplished sessions, there were mostly ambit moves beneath the $5,100 attrition in bitcoin amount adjoin the US Dollar. Earlier, we saw a aciculate downside alteration in the BTC/USD brace from the $5,350-5,360 attrition area. The brace beneath beneath the $5,000 abutment breadth and activated the $4,750 zone. It acclimatized beneath the $5,200 abutment and the $5,100 axis levels. A beat low was formed aloft $4,750 and the amount rebounded aloft the 23.6% Fib retracement akin of the aftermost abatement from the $5,361 aerial to $4,752 low.
At the moment, the amount seems to be trading in a ambit above $4,900 akin and 100 alternate SMA. However, there is a able attrition basic abreast the $5,060 and $5,100 levels. The 50% Fib retracement akin of the aftermost abatement from the $5,361 aerial to $4,752 low is additionally abreast the $5,060 level. There were assorted rejections abreast the $5,100 akin and it looks like beasts are disturbing to accretion momentum. To the downside, there is a key bullish trend band in abode with abutment at $4,880 on the alternate blueprint of the BTC/USD pair.
The amount is acceptable ambience up for the abutting breach either aloft the $5,100 attrition or beneath the trend band support. The abutting move in bitcoin is acceptable to lift Ethereum, ripple, bitcoin cash and litecoin in the aforementioned direction. Today, a few baby caps bill started a solid advancement move such as AOA, Ravencoin (RVN), loopring (LRC), ICON (ICX) and ZIL. The capital performers are AOA (gained about 36%) and RVN (up abutting to 12%).
Looking at the chart, BTC amount could accretion bullish drive if it break the $5,060 and $5,100 attrition levels. If buyers abide to abort abreast the $5,100 attrition zone, there could be an continued downside alteration beneath $4,900 and $4,750.
Technical indicators:
Hourly MACD – The MACD is boring accepting absorption in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloft the 50 level.
Major Support Levels – $4,900 followed by $4,800.
Major Resistance Levels – $5,060, $5,100 and $5,200.
