THELOGICALINDIAN - Bitcoin amount is assuming a few absolute signs aloft 7000 adjoin the US Dollar However the buck run ability not end until BTC climbs aback aloft 7700
Bitcoin Price Analysis
Earlier this month, we discussed the affairs of bitcoin hitting $7,400 and $6,500 adjoin the US Dollar. BTC did abatement heavily and afresh activated the main $6,500 abutment area.
A new multi-month low was formed abreast $6,535 afore the price started an upside correction. There was a able accretion afterwards the amount surpassed the $6,750 attrition area. Besides, the amount rallied added than 10% to ascend aloft the $7,000 resistance.
More importantly, yesterday’s key bearish trend band was breached with attrition abreast $7,060 on the alternate blueprint of the BTC/USD pair. The brace alike acicular aloft the 100 alternate simple affective boilerplate and activated the $7,350 attrition area.
A aerial was formed abreast $7,372 and bitcoin amount is currently accent gains. It traded beneath the $7,200 level. Additionally, there was a breach beneath the 23.6% Fib retracement akin of the contempo beachcomber from the $6,535 low to $7,372 high.
At the moment, the amount is accumulation abreast the $7,200 akin and the 100 alternate simple affective average. On the upside, the aboriginal key attrition is abreast the $7,350 and $7,375 levels.
Should bitcoin amount climbs aloft $7,375, the abutting declivity attrition is abreast the $7,700 level. A acknowledged abutting aloft the $7,700 akin ability advance the amount aback into a absolute zone.
Conversely, the amount could attempt to abide aloft $7,375. In the mentioned case, the amount is acceptable to retest the $7,000 abutment area. The 50% Fib retracement akin of the contempo beachcomber from the $6,535 low to $7,372 aerial is additionally abreast the $6,950 akin to accommodate support.
Looking at the chart, bitcoin amount is assuming a few bullish signs aloft $7,200, but the beasts charge to accretion drive aloft the $7,350 and $7,375 attrition levels. On the added hand, a abutting beneath $6,950 ability restart the downtrend.
Technical indicators:
Hourly MACD – The MACD is about to move aback into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently able-bodied aloft the 50 level.
Major Support Levels – $7,000 followed by $6,950.
Major Resistance Levels – $7,375, $7,500 and $7,700.
