THELOGICALINDIAN - Bitcoin amount traded to a new account aerial aloft 8300 adjoin the US Dollar BTC is assuming a lot of absolute signs and it could alike assemblage appear the 8500 attrition area
Bitcoin Price Analysis
In the accomplished few sessions, there was a abiding rise in bitcoin amount aloft the $8,000 barrier adjoin the US Dollar. The BTC/USD brace acquired bullish drive aloft $8,150 and alike bankrupt the $8,200 level. Recently, the amount bankrupt the aftermost beat aerial and traded aloft the $8,300 level. A new account aerial was formed at $8,344 afore the amount started a downside correction.
Still, the amount is trading able-bodied aloft the $8,000 akin and the 100 alternate simple affective average. It adapted beneath the $8,250 akin and the 23.6% Fib retracement akin of the contempo leg from the $8,006 low to $8,344 high. However, the contempo abatement is award bids abreast the $8,175 level. It represents the 50% Fib retracement akin of the contempo leg from the $8,006 low to $8,344 high.
On the downside, there are many supports abreast the $8,175 and $8,150 levels. Moreover, there is a acute bullish trend band basic with abutment abreast $8,140 on the alternate blueprint of the BTC/USD pair. The trend band abutment coincides with the 61.8% Fib retracement akin of the contempo leg from the $8,006 low to $8,344 high.
Therefore, as continued as the amount is aloft the $8,140 level, it is acceptable to abide higher. On the upside, an antecedent attrition is abreast the $8,300 level, followed by the $8,344 high. If there is an upside breach aloft $8,344, the amount is acceptable to ascend college appear the $8,500 attrition area.
Looking at the chart, bitcoin amount is acutely trading in a absolute area aloft the $8,150 and $8,100 abutment levels. The capital abutment is abreast $8,000, beneath which the amount may conceivably move into a bearish zone. The accepted amount activity is positive, suggesting an upside breach aloft the $8,300 and $8,350 levels in the abreast term.
Technical indicators:
Hourly MACD – The MACD is about to move aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently affective college appear 60 and 65.
Major Support Levels – $8,150 followed by $8,100.
Major Resistance Levels – $8,300, $8,350 and $8,500.
