THELOGICALINDIAN - Bitcoin amount adapted acutely from 7500 adjoin the US Dollar BTC activated key supports and it seems like it could animation aback aloft 7200 in the advancing sessions
Bitcoin Price Analysis
In the accomplished bristles days, there was a sharp rally in bitcoin amount aloft the $7,000 attrition breadth adjoin the US Dollar. The BTC/USD brace alike bankrupt the $7,200 and $7,350 attrition levels. The amount activated the $7,500 attrition akin and acclimatized able-bodied aloft the 100 alternate simple affective average. A beat aerial was formed $7,590 and afresh the amount adapted lower sharply. It traded beneath the $7,200 abutment akin and acicular beneath the $7,000 axis level.
The amount activated the key $6,700-6,800 abutment area, and a beat low was formed abreast the $6,733 level. BTC amount recovered accurately and traded aloft the $7,000 level, and the 23.6% Fib retracement akin of the contempo abatement from the $7,590 aerial to $6,733 low. However, the amount seems to be adverse a boxy attrition abreast the $7,150 and $7,160 levels. The 50% Fib retracement akin of the contempo abatement from the $7,590 aerial to $6,733 low is additionally acting as a resistance. A bright breach aloft the $7,160 akin may accessible the doors for a beginning access aloft $7,200 and $7,250 in the abreast term.
On the downside, there is a appropriate abutment basic abreast the $7,000 level. Moreover, there is a new abutting bullish trend band basic with abutment at $6,940 on the alternate blueprint of the BTC/USD pair. Therefore, the brace charcoal able-bodied accurate abreast the $6,950 and $7,000 levels. Below $6,950, the amount could retest the main $6,700-6,800 abutment area.
Looking at the chart, bitcoin amount is acutely in a able uptrend aloft the $6,700-6,800 abutment area. There could be a few beat moves, but the amount is acceptable to ascend aloft $7,200 already again. The abutting key attrition is abreast $7,310, aloft which the abutting stop for the beasts could be $7,500 and $7,600.
Technical indicators:
Hourly MACD – The MACD is about to move aback in the bullish zone, with absolute signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is affective college and it is currently aloft the 50 level.
Major Support Levels – $7,000 followed by $6,950.
Major Resistance Levels – $7,160, $7,200 and $7,310.
