THELOGICALINDIAN - Bitcoin amount adapted lower appear key supports adjoin the US Dollar BTC is acceptable to animation aback aloft 5300 as continued as it is trading aloft the 5160 abutment area
Bitcoin Price Analysis
Yesterday, we saw a steady rise aloft $5,260 and $5,280 in bitcoin amount adjoin the US Dollar. The BTC/USD brace alike bankrupt the $5,300 attrition and traded abutting to the $5,330 level. A new account aerial was formed at $5,327 afore the amount started a downside correction. There was a breach beneath the $5,260 support, and the 23.6% Fib retracement akin of the contempo beachcomber from the $5,018 low to $5,327 high.
Besides, there was a breach beneath yesterday’s discussed ascendance approach with abutment at $5,250 on the alternate blueprint of the BTC/USD pair. The brace traded abutting the $5,200 abutment afore buyers appeared. On the downside, there is a able abutment basic abreast $5,180 and the 100 alternate simple affective average. The 50% Fib retracement akin of the contempo beachcomber from the $5,018 low to $5,327 aerial is additionally abreast the $5,170 akin to act as a support. More importantly, there is a acute bullish trend band in abode with abutment at $5,170 on the aforementioned chart.
Therefore, bitcoin remains able-bodied supported aloft the $5,170 and $5,180 levels. Only a abutting beneath the $5,160 akin and 100 alternate simple affective boilerplate could alpha a above abatement in the abreast term. The abutting abutment is at $5,090, which is abutting to the 76.4% Fib retracement akin of the aforementioned wave. On the upside, the burst approach breadth abreast $5,260 could act as a resistance. Aloft $5,260, the amount is acceptable to beat the $5,300 and $5,330 levels.
Looking at the chart, bitcoin amount is acutely able-bodied accurate aloft $5,160 and the 100 alternate simple affective average. Therefore, it is acceptable to animation aback aloft $5,300 in the abutting few hours. Conversely, a acceptable abutting beneath the $5,160 abutment akin may conceivably activate an continued bead to $5,090 or $5,020.
Technical indicators:
Hourly MACD – The MACD is acceptable to move aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD activated the 40 and it is currently affective college appear 50.
Major Support Levels – $5,200 followed by $5,160.
Major Resistance Levels – $5,260, $5,300 and $5,330.
