THELOGICALINDIAN - Bitcoin amount rebounded accurately aloft 5100 adjoin the US Dollar BTC is currently assuming absolute signs and a breach aloft 5200 is acceptable to advance assets aloft 5250 in the abreast term
Bitcoin Price Analysis
This accomplished week, we saw a aloft downside alteration beneath $5,200 in bitcoin amount adjoin the US Dollar. The BTC/USD brace alike bankrupt the $5,000 akin and traded as low as $4,920. Later, the amount circumscribed in a ambit and formed a appropriate support aloft the $4,950 level. Finally, the amount started a beginning access and traded aloft the $5,040 and $5,120 attrition levels. Buyers acquired absorption and pushed the amount aloft the $5,150 akin and the 100 alternate simple affective average.
Besides, the amount bankrupt the 23.6% Fib retracement akin of the aftermost bead from the $5,464 aerial to $4,920 low. More importantly, there was a breach aloft a key bearish trend band with attrition at $5,080 on the alternate blueprint of the BTC/USD pair. The brace is now trading accurately aloft the $5,150 akin and the 100 alternate simple affective average. It traded abutting to the $5,200 attrition and the 50% Fib retracement akin of the aftermost bead from the $5,464 aerial to $4,920 low.
A breach aloft the $5,200 akin is bare for added gains. The abutting key attrition could be $5,255 and the 61.8% Fib retracement akin of the aftermost bead from the $5,464 aerial to $4,920 low. A acknowledged abutting aloft the $5,260 akin ability accessible the doors for a strong rise appear the $5,330 level. On the downside, the contempo attrition at $5,120 is acceptable to act a solid support.
Looking at the chart, bitcoin amount acutely climbed into a absolute area aloft the $5,120 akin and the 100 alternate SMA. Dips from the accepted levels are acceptable acquisition a able affairs absorption aloft $5,100. On the upside, a breach aloft the $5,200 and $5,260 levels could absolutely addition the bazaar affect in favor of buyers in the abreast term.
Technical indicators:
Hourly MACD – The MACD is currently placed accurately in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied aloft the 50 akin and is acclimation lower.
Major Support Levels – $5,150 followed by $5,120.
Major Resistance Levels – $5,200, $5,260 and $5,330.
