THELOGICALINDIAN - Bitcoin amount rallied acutely aloft 5400 and 5600 adjoin the US Dollar BTC is acceptable to extend assets and it may abide to bullwork college appear the 5800 and 6000 resistance
Bitcoin Price Analysis
After a abbreviate appellation downside correction, bitcoin amount begin abutment abreast the $5,200 akin adjoin the US Dollar. The BTC/USD brace formed a able abutment abject aloft $5,200 and after started a abiding rise. There was a breach aloft the $5,300 attrition and the 100 alternate simple affective average. The amount traded in a ambit for a few hours and afresh bankrupt the key $5,350 attrition to alpha a able rally. The beasts came into activity and pushed the amount aloft the $5,400 and $5,500 attrition levels (as discussed in the antecedent analysis).
The amount alike bankrupt the $5,600 akin and traded to a new 2019 aerial at $5,641. Recently, it adapted assets beneath the $5,600 akin and the 23.6% Fib retracement akin of the contempo acceleration from the $5,360 low to $5,641 high. However, the $5,500 akin is currently acting as a decent support. The 50% Fib retracement akin of the contempo acceleration from the $5,360 low to $5,641 aerial is additionally abreast the $5,500 level.
If there is a downside extension, the abutting key abutment is abreast the $5,420 level. It additionally coincides with the 76.4% Fib retracement akin of the contempo acceleration from the $5,360 low to $5,641 high. Moreover, there is a above bullish trend band basic with abutment at $5,360 on the alternate blueprint of the BTC/USD pair. Therefore, dips from the accepted levels are acceptable to face a able affairs absorption abreast $5,400 and $5,360.
Looking at the chart, bitcoin amount started a able assemblage aloft the $5,400 attrition (as per our account assay post). The beasts are acutely in ascendancy and they could aim added assets aloft $5,600 and $5,650. The abutting stop could be abreast the $5,800 level. If there are added gains, the amount is acceptable to analysis the all-important $6,000 attrition area.
Technical indicators:
Hourly MACD – The MACD is accepting drive in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD climbed college acutely aloft the 60 and 70 levels.
Major Support Levels – $5,500 followed by $5,420.
Major Resistance Levels – $5,600, $5,640 and $5,800.
