THELOGICALINDIAN - Bitcoin amount assuredly acquired absorption aloft 5200 and 5300 adjoin the US Dollar BTC amount is aback in a bullish area and it could alike beat the 5400 attrition akin in the abreast term
Bitcoin Price Analysis
Yesterday, we saw bound ambit moves in bitcoin amount beneath the $5,160 attrition adjoin the US Dollar. The BTC/USD brace struggled to bright the $5,160 and $5,200 attrition levels on abounding occasions. However, the bulls had the aerial hand as they succeeded in blame the amount aloft the $5,160 and $5,200 attrition levels. There was a breach aloft the 50% Fib retracement akin of the abatement from the $5,510 aerial to $4,905 low.
More importantly, yesterday’s discussed key bearish trend band was breached abreast $5,150 on the alternate blueprint of the BTC/USD pair. The brace alike austere the acute triangle attrition abreast the $5,140 level. It opened the doors for added assets aloft the $5,250 attrition and the 100 alternate simple affective average. The beasts pushed the amount aloft the $5,300 akin and a new account aerial was formed abreast the $5,343 level. At the moment, the amount is accumulation assets aloft $5,300. An antecedent abutment is at $5,280 and the 23.6% Fib retracement akin of the contempo beachcomber from the $5,067 low to $5,343 high.
If there is a downside alteration beneath the $5,280 level, the amount could analysis the $5,200 abutment area. It coincides with the 50% Fib retracement akin of the contempo beachcomber from the $5,067 low to $5,343 high. The capital abutment is abreast the $5,160 akin and the 100 alternate simple affective average. On the upside, an antecedent attrition is abreast the $5,380 level. A bright breach aloft the $5,380 attrition will best acceptable alarm for added assets aloft $5,400.
Looking at the chart, bitcoin amount acutely confused into a absolute area with a abutting aloft $5,200 and the 100 alternate simple affective average. In the abbreviate term, there could be a downside correction, but the beasts are acceptable to avert $5,250 or $5,200. Overall, bitcoin amount is trading with a absolute bent and acceptable to ascend aloft $5,400.
Technical indicators:
Hourly MACD – The MACD is currently in the bullish zone, with absolute signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD climbed aloft 60 and it is currently abreast 75.
Major Support Levels – $5,250 followed by $5,200.
Major Resistance Levels – $5,380, $5,400 and $5,440.
