THELOGICALINDIAN - Bitcoin amount charcoal in a able uptrend aloft 5400 adjoin the US Dollar BTC is affective college already afresh and it is acceptable to advance aloft the 5650 and 5700 levels
Bitcoin Price Analysis
Yesterday, we saw a solid acceleration in bitcoin price aloft the $5,400 and $5,500 resistances adjoin the US Dollar. The BTC/USD brace alike bankrupt the $5,600 akin and acclimatized aloft the 100 alternate simple affective average. The amount traded to a new 2019 aerial at $5,641 and after started a downside correction. It bankrupt the $5,600 akin and the 23.6% Fib retracement akin of the aftermost beachcomber from the $5,361 low to $5,641 high.
However, the amount begin a able abutment abreast the $5,500 level. The 50% Fib retracement akin of the aftermost beachcomber from the $5,361 low to $5,641 aerial additionally acted as a support. Moreover, yesterday’s bullish trend band with accepted abutment at $5,420 is complete on the alternate blueprint of the BTC/USD pair. Besides, there is a key bullish assiduity arrangement in abode with attrition abreast $5,595 on the aforementioned chart. If there is an upside breach aloft the triangle and $5,600, the amount is acceptable retest the $5,640 level.
The current amount activity is positive and it seems like the amount could alike billow aloft $5,650. The abutting stop for the beasts could be $5,700 or $5,720. On the downside, an antecedent abutment is abreast the $5,520 level. If there is a downside breach beneath the triangle, the amount could analysis the $5,460 support. It represents the 61.8% Fib retracement akin of the aftermost beachcomber from the $5,361 low to $5,641 high.
Looking at the chart, bitcoin amount is acutely trading in a able bullish trend aloft $5,460 and $5,500. There are aerial affairs of a breach aloft the $5,650 level. It will best acceptable accessible the gates for addition run appear the $5,800 or $6,000 akin in the advancing sessions. Conversely, a abutting beneath $5,400 may abate the accepted bullish view.
Technical indicators:
Hourly MACD – The MACD is about to move aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD jumped aback aloft the 50 akin and it is currently aloft 60.
Major Support Levels – $5,520 followed by $5,460.
Major Resistance Levels – $5,600, $5,640 and $5,700.
