THELOGICALINDIAN - Bitcoin amount afresh adapted lower but it remained able-bodied accurate adjoin the US Dollar BTC is now advancing for the abutting breach and it could billow aloft 5300 and 5350
Bitcoin Price Analysis
In the accomplished two days, bitcoin amount fabricated a few attempts to breach the $5,350 resistance adjoin the US Dollar. The BTC/USD brace bootless to accretion drive aloft $5,350 and afresh adapted lower. It bankrupt the $5,300 and $5,250 abutment levels. There was alike a breach beneath the $5,220 akin and the 100 alternate simple affective average. However, the $5,200 abutment breadth acted as a able abutment and the amount afresh bounced aback aloft $5,220 and $5,250.
There was a breach aloft the 50% Fib retracement akin of the contempo abatement from the $5,348 aerial to $5,200 low. However, the $5,315 akin acted as a able resistance. It represents the 76.4% Fib retracement akin of the contempo abatement from the $5,348 aerial to $5,200 low. There is additionally a acute bullish trend band in abode with abutment at $5,245 on the alternate blueprint of the BTC/USD pair. It seems like the brace is abutting the abutting key breach either aloft the $5,300 attrition or appear $5,200.
If there is an upside breach aloft the trend band and $5,300, there could be added gains. The abutting important attrition is at $5,350, aloft which the amount could advance appear the $5,400 resistance. Conversely, if there is a downside breach beneath $5,250 and $5,245, the amount could revisit the $5,200 abutment area. Any added losses may put a lot of burden on the beasts and the amount is acceptable to accelerate appear the $5,100 level.
Looking at the chart, bitcoin amount is acutely advancing for the abutting aloft breach either aloft $5,300 or beneath $5,245. The affairs of an upside breach are aerial because the accepted amount activity and the $5,200 abutment area. If the beasts abort to accretion backbone aloft $5,300, there could be a aciculate bead beneath the $5,245, $5,200 and $5,160 abutment levels in the abreast term.
Technical indicators:
Hourly MACD – The MACD is boring affective in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently abreast the 50 level.
Major Support Levels – $5,245 followed by $5,200.
Major Resistance Levels – $5,300, $5,350 and $5,400.
