Bitcoin (BTC) Price Flirting With Key Support: Fresh Rise Likely
technical analysis

Bitcoin (BTC) Price Flirting With Key Support: Fresh Rise Likely

THELOGICALINDIAN - Bitcoin amount charcoal able-bodied accurate on the downside aloft 5500 adjoin the US Dollar BTC could alpha a beginning acceleration if it clears the 5700 and 5780 attrition levels

Bitcoin Price Analysis

This accomplished week, we saw a strong rise in bitcoin amount aloft the $5,700 attrition adjoin the US Dollar. The BTC/USD brace alike bankrupt the $5,800 akin and acclimatized able-bodied aloft the 100 alternate simple affective average. The amount traded to a new 2019 at $5,837 and afresh started a downside correction. It traded beneath the $5,700 abutment and the $5,650 axis level. However, the amount remained able-bodied bid aloft the $5,540 and $5,580 abutment levels.

More importantly, the amount is captivation the 100 alternate simple affective average and is currently aloft $5,600. There is additionally a key bullish trend band basic with abutment abreast $5,600 on the alternate blueprint of the BTC/USD pair. An actual attrition is abreast $5,685, and the 50% Fib retracement akin of the contempo abatement from the $5,782 aerial to $5,584 low. However, the capital attrition is abreast the $5,760 akin and a abutting bearish trend band on the aforementioned chart. A acknowledged abutting aloft $5,760 and $5,780 ability advance the amount aloft the $5,800 and $5,850 levels.

On the downside, the capital abutment is abreast the $5,600 akin and the 100 alternate SMA. Beneath $5,600, the abutting key abutment is abreast the $5,540 level, area the beasts may emerge. If there is a downside breach beneath $5,540, the amount may revisit the aftermost band of aegis abreast $5,420. Any added losses may advance the amount in a abbreviate appellation bearish area appear $5,200 or $5,100.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin amount is currently trading aloft important abutment abreast $5,600 and $5,580. Therefore, there are aerial affairs of a beginning acceleration aloft $5,700 and $5,760. If the beasts achieve momentum, the amount could alike barter to a new 2019 aerial aloft the $5,850 akin in the advancing sessions.

Technical indicators:

Hourly MACD – The MACD is currently placed in the bearish zone, with a few abrogating signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently recovering, but it is still able-bodied beneath the 50 level.

Major Support Levels – $5,600 followed by $5,540.

Major Resistance Levels – $5,680, $5,700 and $5,760.