Bitcoin (BTC) Price Defies Gravity, Looks to Trade Higher
technical analysis

Bitcoin (BTC) Price Defies Gravity, Looks to Trade Higher

THELOGICALINDIAN - Bitcoin amount is aggressive college appear key resistances adjoin the US Dollar BTC could advance assets forth with Ethereum already it clears the 5360 attrition area

Bitcoin Price Analysis

Recently, we saw a downside alteration appear the $4,800 abutment in bitcoin amount adjoin the US Dollar. The BTC/USD brace activated the $4,750 abutment and after recovered aloft $4,800 and $4,900. It boring recovered and climbed aloft the $5,000 attrition and the 100 alternate simple affective average. Finally, a solid abutment abject was formed abreast the $5,000 akin afore the amount traded aloft the $5,120 and $5,200 attrition levels.

During the rise, there was a breach aloft a abbreviate appellation application triangle with attrition at $5,155 on the alternate blueprint of the BTC/USD pair. The brace alike traded aloft the $5,300 akin and retested the key $5,360 attrition area. It is currently accumulation assets beneath the $5,360 resistance. An antecedent abutment is abreast the 23.6% Fib retracement akin of the contempo beachcomber from the $4,903 low to $5,359 high.

However, the capital abutment is abreast the $5,200 level. If there is an continued downside correction, the amount could analysis the $5,120 abutment area. Besides, the 50% Fib retracement akin of the contempo beachcomber from the $4,903 low to $5,359 aerial is abreast the $5,130 akin to act as a support. To the topside, the $5,360 akin is a able resistance. A bright breach aloft the $5,360 attrition is acceptable to alpha a solid advancement move appear the $5,400 and $5,500 attrition levels.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin amount seems to be advancing for a beginning access aloft the $5,360 resistance. The capital ambition for buyers this anniversary could be $5,500 or $5,600. Conversely, if there is a downside correction, the $5,200 and $5,120 levels may act as a supports. The capital abutment is at $5,000 and the 100 alternate SMA. A circadian abutting beneath $5,000 ability advance the amount aback appear the $4,800 or $4,750 abutment area.

Technical indicators:

Hourly MACD – The MACD is placed accurately in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD activated the 75 akin and it is currently acclimation lower.

Major Support Levels – $5,200 followed by $5,120.

Major Resistance Levels – $5,360, $5,400 and $5,500.