THELOGICALINDIAN - Bitcoin amount seems to be basic a new abutment abject aloft 7000 adjoin the US Dollar BTC is acceptable basic a appropriate basal and it could ascend college aloft 7400 and 7500
Bitcoin Price Analysis
Yesterday, we saw a significant downside correction in bitcoin amount beneath the $8,000 and $7,500 supports adjoin the US Dollar. The BTC/USD brace beneath heavily and alike bankrupt the $7,000 abutment and 100 alternate simple affective average. Finally, there was a fasten appear the $6,650 abutment area, area buyers emerged. A beat low was formed at $6,645 and the amount afresh started an upside correction. It traded aloft the $7,000 and $7,050 attrition levels. Besides, there was a breach aloft the 23.6% Fib retracement akin of the contempo abatement from the $8,050 beat aerial to $6,645 low.
At the moment, the amount is trading aloft $7,200, but it is adverse a able attrition abreast $7,400. There is additionally a key bearish trend band basic with attrition at $7,400 on the alternate blueprint of the BTC/USD pair. Moreover, the amount is disturbing abreast the 50% Fib retracement akin of the contempo abatement from the $8,050 beat aerial to $6,645 low. If there is a able breach aloft the trend band and $7,420, the amount could barter added higher.
An important hurdle is abreast the $7,512 akin and the 61.8% Fib retracement akin of the contempo abatement from the $8,050 beat aerial to $6,645 low. A acknowledged chase through aloft $7,512 is acceptable to set the clip for more assets in the abreast term. The abutting key resistances are abreast the $7,720 and $7,800 levels. On the downside, an antecedent abutment is abreast the $7,200 level. If there are added declines, the amount could retest the $7,000 support.
Looking at the chart, bitcoin amount is currently trading with a absolute bent aloft the $7,000 support. Therefore, there are aerial affairs of a beginning access aloft the $7,400 and $7,500 levels. Only a abutting beneath $7,000 could access bearish burden in the abreast term.
Technical indicators:
Hourly MACD – The MACD is aback in the bullish zone, with a absolute bias.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is affective college and is currently aloft the 50 level.
Major Support Levels – $7,200 followed by $7,000.
Major Resistance Levels – $7,400, $7,512 and $7,720.
