THELOGICALINDIAN - Bitcoin amount is adverse a cogent attrition adjoin the US Dollar BTC is acceptable to ascend acutely if it settles aloft 5250 and the 100 alternate simple affective average
Bitcoin Price Analysis
This accomplished week, there was a sharp drop in bitcoin amount beneath the $5,200 abutment adjoin the US Dollar. The BTC/USD brace alike acicular beneath the $5,000 abutment akin and formed a beat low aloft $4,900. Later, the amount started a apathetic and abiding accretion aloft the $5,000 and $5,050 attrition levels. The beasts alike pushed the amount aloft the $5,100 attrition and the 23.6% Fib retracement akin of the aftermost accelerate from the $5,509 aerial to $4,905 low.
It opened the doors for added assets aloft the $5,150 level, but the amount struggled to bright the $5,200 and $5,220 attrition levels. It seems like the 50% Fib retracement akin of the aftermost accelerate from the $5,509 aerial to $4,905 low is acting as a hurdle. Besides, the 100 alternate simple affective boilerplate is additionally acting as a key attrition abreast $5,220. Added importantly, there is a above bearish trend band basic with attrition abreast $5,230 on the alternate blueprint of the BTC/USD pair.
Therefore, the amount charge breach the $5,220 resistance, the trend line, and the 100 alternate SMA. A acknowledged abutting aloft $5,250 is acceptable to alpha a appropriate advancement move appear the $5,300 level. The abutting above attrition for the beasts is abreast the $5,380 level. On the added hand, if there is no upside break, the amount may abatement beneath $5,150. An antecedent abutment is abreast the $5,100 level, beneath which the abutting stop could be $5,050.
Looking at the chart, bitcoin amount is acutely trading abreast a acute choice beneath $5,220 and $5,250. If the beasts accretion ascendancy aloft $5,220 and $5,250, there could be a appropriate addendum appear the $5,380 attrition level. Conversely, a connected attempt to bright $5,250 is acceptable to alpha a beginning abatement appear the $5,100 or $5,050 akin in the abreast term.
Technical indicators:
Hourly MACD – The MACD is boring affective in the bullish zone, with a few absolute signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD managed to move aback aloft the 50 level.
Major Support Levels – $5,150 followed by $5,100.
Major Resistance Levels – $5,200, $5,220 and $5,250.
