THELOGICALINDIAN - Bitcoin amount surged aloft the 5700 and 5800 attrition levels BTC adapted lower afresh but dips abide adorable to the beasts abreast 5500 in the abreast term
Bitcoin Price Analysis
The past two canicule were actual bullish on bitcoin amount aloft the $5,500 attrition adjoin the US Dollar. The BTC/USD brace bankrupt the $5,650 and $5,700 attrition levels to barter to a new 2019 high. The brace alike surged aloft the $5,800 akin and acclimatized able-bodied aloft the 100 alternate simple affective average. The amount traded as aerial as $5,837 and afresh started a downside correction. As a result, it bankrupt the $5,650 akin and the 50% Fib retracement akin of the contempo beachcomber from the $5,372 low to $5,837 high.
However, there are abounding supports abreast the $5,550 and $5,500 levels. The 61.8% Fib retracement akin of the contempo beachcomber from the $5,372 low to $5,837 aerial seems to be acting as a able abutment abreast $5,540. More importantly, this week’s followed two bullish trend lines are complete with abutment abreast $5,500 and $5,480 on the alternate blueprint of the BTC/USD pair. If the amount dips again, the beasts are acceptable to avert the $5,500 abutment area. The aftermost band of aegis is abreast $5,480, and the 76.4% Fib retracement akin of the contempo beachcomber from the $5,372 low to $5,837 high.
On the upside, an antecedent attrition is abreast the $5,650 level. The abutting key attrition is abreast $5,650 and a abutting bearish trend band on the aforementioned chart. A acknowledged abutting aloft $5,650 may alarm for a beginning access aloft $5,700 and $5,750.
Looking at the chart, bitcoin amount is trading in a able uptrend aloft $5,500 and $5,480. Therefore, any dips abide adorable and the amount could animation aback aloft $5,700 in the abreast term. The capital hurdle is abreast the $5,800 level, aloft which the amount is acceptable to analysis the $6,000 attrition area.
Technical indicators:
Hourly MACD – The MACD is currently placed heavily in the bearish zone, with a few absolute signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD biconcave acutely beneath the 50 level, but abiding abreast 35.
Major Support Levels – $5,550 followed by $5,500.
Major Resistance Levels – $5,600, $5,650 and $5,750.
