Bitcoin (BTC) Price Looks Primed For Further Gains
technical analysis

Bitcoin (BTC) Price Looks Primed For Further Gains

THELOGICALINDIAN - Bitcoin amount is boring cutting college appear 5450 adjoin the US Dollar BTC charcoal in an uptrend and it is acceptable to ascend appear the 5500 akin in the advancing sessions

Bitcoin Price Analysis

In the accomplished three sessions, there was a steady rise aloft $5,280 in bitcoin amount adjoin the US Dollar. The BTC/USD brace acquired absorption aloft the $5,300 attrition and acclimatized aloft the 100 alternate simple affective average. The amount acicular bankrupt the $5,340 akin and traded as aerial as $5,359. Recently, it adapted lower beneath the $5,320 level, and the 23.6% Fib retracement akin of the advancement move from the $5,197 beat low to $5,359 high.

The amount alike traded beneath the $5,300 level, but the $5,280 abutment acted as a able support. Besides, the 50% Fib retracement akin of the advancement move from the $5,197 beat low to $5,359 aerial acted as a support. More importantly, there are two bullish trend curve formed with abutment abreast $5,320 and $5,280 on the alternate blueprint of the BTC/USD pair. On the downside, there are abounding supports abreast $5,280 and $5,250. If there are continued losses, the amount may retest the $5,200 support. The 100 alternate SMA is additionally abutting to $5,200 to authority losses.

On the upside, a bright breach aloft the $5,360 akin may accessible the gates for a advance arise the $5,400 level. The abutting key attrition is abreast the $5,450 level, area sellers may appear. The accepted price activity is absolute and, accordingly suggests added gains aloft $5,360. If there is a downside correction, the beasts are acceptable to assure $5,280 or $5,250.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin amount is assuming absolute signs aloft $5,280. There ability be a brace of beat moves in the abbreviate term, but the amount is acceptable to beat the $5,360 beat high. As a result, the capital stop for the beasts this anniversary could be $5,450 or alike $5,500. Conversely, a abutting beneath $5,200 and the 100 alternate SMA is acceptable to abate the accepted bullish view.

Technical indicators:

Hourly MACD – The MACD is boring affective aback in the bullish zone, with collapsed signals.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now aloft the 50 akin and testing 60.

Major Support Levels – $5,280 followed by $5,250.

Major Resistance Levels – $5,360, $5,400 and $5,450.