THELOGICALINDIAN - Bitcoin amount is aggressive steadily adjoin the US Dollar while surging against USDT BTC is acceptable to abide in an uptrend appear the 5600 and 5650 attrition levels
Bitcoin Price Analysis
After basic a strong abutment abreast $5,120, bitcoin amount started a solid uptrend adjoin the US Dollar. The BTC/USD brace bankrupt the $5,300 and $5,380 attrition levels to access a bullish zone. There was a absolute abutting aloft the $5,400 akin and the 100 alternate simple affective average. The amount continued assets aloft the $5,450 akin afresh and traded to a new account aerial at $5,500. The accepted amount activity is actual positive, signaling added assets aloft $5,550 and $5,600.
An actual abutment is at $5,470, and the 23.6% Fib retracement akin of the contempo move from the $5,372 low to $5,500 high. However, the capital abutment is abreast the $5,420 level. An average abutment is at $5,435, and the 50% Fib retracement akin of the contempo move from the $5,372 low to $5,500 high. Besides, yesterday’s two bullish trend curve are intact with abutment abreast $5,410 and $5,380 on the alternate blueprint of the BTC/USD pair. Therefore, if there is a downside correction, the amount is acceptable to acquisition bids abreast $5,430 or $5,400.
On the upside, a bright breach aloft the $5,550 and $5,520 levels is acceptable to advance the amount appear the $5,600 level. The abutting key attrition is at $5,640, aloft which the amount may analysis the $5,700 barrier.
Looking at the chart, bitcoin amount is acutely trading in a able uptrend aloft $5,400. Looking at the USDT pairs, BTC traded appear $5,600 on binance, and aloft $5,800 on bitfinex. The all-embracing amount activity is actual bullish and it seems like there could be added assets aloft $5,500 against USD. In the abbreviate term, there could be a downside correction, but dips abide able-bodied accurate abreast the $5,400 axis level. Only a abutting beneath $5,280 and the 100 SMA ability abate the accepted bullish view.
Technical indicators:
Hourly MACD – The MACD is accepting able drive in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone.
Major Support Levels – $5,420 followed by $5,400.
Major Resistance Levels – $5,520, $5,550 and $5,600.
