THELOGICALINDIAN - Bitcoin amount is acceptable basic a bullish arrangement aloft 7400 adjoin the US Dollar BTC could anon assemblage appear 8000 or 8200 already it clears the 7700 attrition region
Bitcoin Price Analysis
Yesterday, bitcoin climbed aloft the key $7,300 and $7,400 attrition levels adjoin the US Dollar. Moreover, there was a abutting aloft the $7,400 akin and the 100 alternate simple affective average.
It opened the doors for added assets aloft the $7,500 level. Finally, the amount activated the abutting key attrition abreast $7,700 (as acicular out in the account forecast). A aerial was formed abreast $7,676 and the amount is currently acclimation lower.
It traded beneath the $7,600 and $7,550 levels. Besides, there was a breach beneath the 23.6% Fib retracement akin of the advancement beachcomber from the $6,855 beat low to $7,676 high.
However, the $7,400 abutment breadth seems to be acting as a strong buy zone. If there is a breach beneath the $7,400 support, the amount could analysis the $7,300 and $7,295 abutment levels.
The abutting key abutment is abreast the $7,260 akin and the 100 alternate simple affective average. It coincides with the 50% Fib retracement akin of the advancement beachcomber from the $6,855 beat low to $7,676 high.
If there is a downside breach beneath the $7,260 akin and the 100 alternate SMA, bitcoin could resume its decline. On the added hand, the amount is acceptable to abide college aloft the $7,600 resistance.
Additionally, there is a key crumbling approach basic with attrition abreast $7,610 on the alternate blueprint of the BTC/USD pair. A bright breach aloft the $7,600 and $7,700 attrition levels could set the clip for a acceleration appear $8,000 or alike $8,200 in the abreast term.
Looking at the chart, bitcoin amount seems to accumulation assets aloft the $7,400 and $7,300 abutment levels. Therefore, the amount is acceptable to ascend added aloft $7,700 as continued as there is no abutting beneath the capital $7,260 abutment area.
Technical indicators:
Hourly MACD – The MACD is acceptable to move aback into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently crumbling and it is aloof beneath the 50 level.
Major Support Levels – $7,400 followed by $7,260.
Major Resistance Levels – $7,540, $7,600 and $7,700.
