Bitcoin (BTC) Price Primed for Gains Until Bears Break $5,000
technical analysis

Bitcoin (BTC) Price Primed for Gains Until Bears Break $5,000

THELOGICALINDIAN - Bitcoin amount is currently acclimation lower beneath 5251 adjoin the US Dollar BTC could analysis the 50505070 abutment afore it bounces aback appear the 5300 and 5360 levels

Bitcoin Price Analysis

Recently, there was a slow and abiding rise appear the $5,300 attrition in bitcoin amount adjoin the US Dollar. The BTC/USD brace bankrupt the $5,250 attrition area, but it bootless to beat the $5,300 resistance. Earlier, the amount traded as aerial as $5,359 and after adapted beneath the $5,250 level. There was a breach beneath the 23.6% Fib retracement akin of the aftermost leg from the $4,900 beat low to $5,360 beat high. The amount alike traded beneath the $5,200 akin and activated the $5,130 level.

The 50% Fib retracement akin of the aftermost leg from the $4,900 beat low to $5,360 beat aerial acted as a able support. There was a fresh increase aloft $5,250, but the amount topped abreast $5,300. It is currently affective lower appear a abutting bullish trend band with abutment at $5,150 on the alternate blueprint of the BTC/USD pair. Below the trend line, the 100 alternate simple affective boilerplate is positioned at $5,100. More importantly, there is a acute ascendance approach basic with abutment at $5,075 on the aforementioned chart.

In the abbreviate term, there could be a downside fasten appear the $5,100 or $5,075 abutment levels. However, buyers are acceptable to assure added losses beneath the approach abutment and $5,050. On the upside, an antecedent attrition is abreast the $5,250 level. The abutting key attrition is at $5,300, aloft which the amount could revisit the $5,360 resistance.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin amount charcoal in a solid uptrend and it won’t be accessible for bears to advance the amount beneath $5,050 or $5,000. Only a acknowledged abutting beneath $5,000 ability alpha a abundant downside correction. The abutting key abutment is at $4,750. On the upside, a bright breach aloft the $5,300 and $5,360 resistances could set the accent for a advance appear $5,500.

Technical indicators:

Hourly MACD – The MACD is boring affective in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD beneath afresh and seems to be disturbing abreast 50.

Major Support Levels – $5,100 followed by $5,070.

Major Resistance Levels – $5,250, $5,300 and $5,360.