THELOGICALINDIAN - Bitcoin amount recovered acutely afterwards a above bead to 8000 adjoin the US Dollar BTC is currently accumulation assets and it seems to be advancing for the abutting wave
Bitcoin Price Weekly Analysis (BTC)
This accomplished week, bitcoin amount remained in a positive zone and climbed aloft $8,800 adjoin the US Dollar. The BTC/USD brace alike bankrupt the $9,000 attrition akin and traded to a new 2019 high. A beat aerial was formed abreast $9,090, but the amount bootless to break aloft the $9,000 level. As a result, there was a aciculate abatement beneath the $8,800 and $8,6000 abutment levels.
Moreover, there was a breach beneath a aloft bullish trend band with abutment abreast $8,540 on the 4-hours blueprint of the BTC/USD pair. The abatement was able as the amount alike bankrupt the $8,200 level. The amount activated the key $8,000 abutment breadth and the 100 simple affective boilerplate (4-hours). It seems like the 100 simple affective boilerplate (4-hours) acted as a strong support abreast $8,000. The amount bounced aback aloft $8,400 and $8,500. There was a breach aloft the 23.6% Fib retracement akin of the contempo abatement from the $9,093 aerial to $7,990 beat low.
The amount alike traded a few credibility aloft the $8,600 level. At the moment, the amount is accumulation abreast the 50% Fib retracement akin of the contempo abatement from the $9,093 aerial to $7,990 beat low. On the upside, an antecedent attrition is abreast the $8,650. If there is a bright breach aloft $8,650 and $8,700, the amount is acceptable to accretion bullish momentum.
Looking at the chart, bitcoin amount acutely recovered aloft the $8,500 akin and is currently trading with a absolute zone. If there is an upside break, the amount could abide aloft $8,700. The abutting key attrition is abreast $8,880, and the 76.4% Fib retracement akin of the contempo abatement from the $9,093 aerial to $7,990 beat low. On the downside, the capital abutment levels are abreast $8,500 and $8,400.
Technical indicators
4 hours MACD – The MACD for BTC/USD is boring affective in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloft the akin 50 and it could move higher.
Major Support Level – $8,400
Major Resistance Level – $8,700
