THELOGICALINDIAN - Bitcoin amount started a able backlash aloft 7700 and 7800 adjoin the US Dollar However BTC charge accretion clip aloft the 8000 barrier to move into a absolute zone
Bitcoin Price Analysis
Recently, bitcoin amount traded to a new account beat low abutting to $7,500 adjoin the US Dollar. The BTC/USD brace begin abutment abreast $7,500 and afresh started a appropriate advancement move. It bankrupt the $7,600 and $7,700 attrition levels to alpha a recovery. There was a breach aloft the 50% Fib retracement akin of the key bead from the $8,130 aerial to $7,515 beat low. It opened the doors for added assets aloft the $7,800 akin and the 100 alternate simple affective average.
Moreover, yesterday’s accent key bearish trend band was breached with attrition abreast $7,780 on the alternate blueprint of the BTC/USD pair. The brace alike acicular aloft the $8,000 level, but it failed to accretion bullish momentum aloft the $8,050 level. A beat aerial was formed abreast $8,080 and the amount is currently accumulation gain. An antecedent abutment is abreast the 23.6% Fib retracement akin of the contempo beachcomber from the $7,519 beat low to $8,080 high. Besides, there is a abbreviate appellation application triangle basic with attrition abreast $8,050. If there is an upside break, the amount could abide to acceleration in the abreast term.
Conversely, if there is a downside breach beneath $7,900, the amount could analysis the $7,850 abutment area. The 100 alternate SMA is additionally aloof aloft $7,850 to act as a support. The abutting abutment is abutting to the $7,800 level. It represents the 50% Fib retracement akin of the contempo beachcomber from the $7,519 beat low to $8,080 high.
Looking at the chart, bitcoin amount is trading with a absolute bent aloft the $7,850 and $7,800. As continued as there is no downside breach beneath $7,800, the amount ability abide to rise. On the upside, a chase through aloft $8,000 and $8,080 ability advance the amount appear $8,300.
Technical indicators:
Hourly MACD – The MACD is accident drive in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently affective lower appear the 50 level.
Major Support Levels – $7,850 followed by $7,800.
Major Resistance Levels – $8,000, $8,080 and $8,200.
