THELOGICALINDIAN - Bitcoin amount is positioned accurately in the absolute area aloft 7600 adjoin the US Dollar BTC could actual in the abbreviate appellation but dips abide accurate abreast 7760 and 7650
Bitcoin Price Analysis
Recently, bitcoin amount formed a able abutment abreast the $7,250 akin adjoin the US Dollar. The BTC/USD brace started a able rise from the $7,230 beat low and climbed aloft the $7,400 attrition level. The contempo advancement move was such that the amount alike climbed aloft the $7,500 attrition and the 100 alternate simple affective average. Finally, there was a bright breach aloft the $8,000 attrition level. The amount tagged the capital $8,280 attrition akin and afresh adapted beneath the $8,150 level.
There was a breach beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $7,230 low to $8,288 beat high. However, the $7,800 akin is acting as a able buy zone. Moreover, the 50% Fib retracement akin of the aftermost beachcomber from the $7,230 low to $8,288 beat aerial is additionally abreast the $7,764 akin to accommodate support. More importantly, there is a above bullish trend band basic with abutment abreast $7,610 on the alternate blueprint of the BTC/USD pair. It seems like there is a strong support basic abreast $7,610 and the 100 alternate SMA.
Besides, the 61.8% Fib retracement akin of the aftermost beachcomber from the $7,230 low to $8,288 beat aerial is additionally abreast the $7,640 level. Therefore, if the amount corrects lower from the accepted levels, the $7,760 and $7,650 levels are acceptable to act as able supports. If there is a downside breach beneath the $7,600 abutment zone, the amount ability move aback in a bearish zone.
Looking at the chart, bitcoin amount is currently trading with a absolute bent aloft the $7,650 support. As continued as the amount is aloft $7,600, it is acceptable to abide college appear $8,200 and $8,300. A bright breach aloft the $8,300 attrition may conceivably bright the aisle for added assets aloft $8,400.
Technical indicators:
Hourly MACD – The MACD is boring affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is affective lower, but it is able-bodied aloft the 50 level.
Major Support Levels – $7,760 followed by $7,650.
Major Resistance Levels – $8,150, $8,200 and $8,300.
