THELOGICALINDIAN - Bitcoin amount rallied decidedly aloft 6800 and 7000 adjoin the US Dollar BTC seems to be afterward a awful uptrend and it could alike analysis 7800 or 8000 in the advancing sessions
Bitcoin Price Weekly Analysis (BTC)
This accomplished week, bitcoin amount started a able advancement move afterwards it bankrupt the $5,800 attrition adjoin the US Dollar. The BTC/USD brace surpassed abounding hurdles abreast $6,000, $6,200 and $6,400. The contempo advancement move was such that the amount alike bankrupt the key $6,850 and $7,000 attrition levels. Finally, there was an advance aloft $7,200 and the amount acclimatized able-bodied aloft the 100 simple affective boilerplate (4-hours). The amount traded to a new 2019 aerial at $7,457 and afresh adapted lower.
It traded beneath the $7,200 level, and the 23.6% Fib retracement akin of the contempo beachcomber from the $6,238 beat low to $7,457 high. The amount alike acicular beneath the $7,000 level, but the $6,850 akin acted as a support. BTC amount tagged the 50% Fib retracement akin of the contempo beachcomber from the $6,238 beat low to $7,457 high. There was a aciculate animation afterwards the amount tagged the $6,850 level. There is additionally a above bullish trend band in abode with abutment at $6,750 on the 4-hours blueprint of the BTC/USD pair.
The brace is aback aloft the $7,000 akin and it seems to be preparing for added gains. An actual attrition is at $7,220, aloft which the amount may analysis the $7,350 level. Any added upsides could booty the amount appear the $7,500 attrition level. Aloft $7,500, the abutting key ambition for the beasts could be $7,800 or alike $8,000.
Looking at the chart, bitcoin amount is acutely in a able uptrend aloft $6,850. In the abbreviate term, there could be beat moves appear $6,850 or alike $6,600. However, the beasts abide in ascendancy and they are acceptable to aim a new aerial aloft $7,500 in the advancing sessions. It would be absorbing to see how the bazaar reacts if the amount alcove $8,000 in the abutting 24-48 hours.
Technical indicators
4 hours MACD – The MACD for BTC/USD is accepting drive in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently placed heavily into the overbought zone.
Major Support Level – $6,850
Major Resistance Level – $7,500
