THELOGICALINDIAN - Bitcoin amount is trading in a absolute area aloft 7400 adjoin the US Dollar BTC is acceptable to analysis the 8000 attrition as continued as it is aloft the 7160 beat low
Bitcoin Price Analysis
In the accomplished few sessions, there was a steady acceleration in bitcoin aloft the $7,320 attrition adjoin the US Dollar. Moreover, BTC amount bankrupt the $7,400 attrition breadth and acclimatized aloft the 100 alternate simple affective average.
Finally, the amount climbed aloft the $7,500 breadth and activated the $7,600 attrition area. A aerial is formed abreast $7,585 and the amount is currently acclimation lower.
It bankrupt the $7,550 level, additional the 50% Fib retracement akin of the contempo beachcomber from the $7,400 low to $7,585 high. Besides, the amount acicular beneath the $7,500 abutment area.
However, bitcoin buyers were able to assure any added losses beneath $7,480. Additionally, the 61.8% Fib retracement akin of the contempo beachcomber from the $7,400 low to $7,585 aerial additionally acted as a appropriate support.
More importantly, there is a above bullish trend band basic with abutment abreast $7,490 on the alternate blueprint of the BTC/USD pair. Therefore, a downside breach beneath the trend band abutment and $7,500 could activate an continued downside correction.
The abutting above abutment is abreast the $7,440 akin and the 100 alternate simple affective average. Any added losses will best acceptable advance the amount appear the $7,355 level. It represents the 1.236 Fib addendum akin of the contempo beachcomber from the $7,400 low to $7,585 high.
On the upside, there are a few important resistances abreast $7,580 and $7,600. A acknowledged abutting aloft $7,600 and a chase through aloft $7,700 is acceptable to alpha a able assemblage appear the $8,000 attrition zone.
Looking at the chart, bitcoin amount is acutely assuming a lot of absolute signs aloft the $7,400 and $7,440 abutment levels. In the advancing days, there are affairs of a appropriate and abiding acceleration appear the $8,000 akin as continued as there is no abutting beneath $7,160.
Technical indicators:
Hourly MACD – The MACD is about to move aback into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloof aloft the 50 level.
Major Support Levels – $7,500 followed by $7,440.
Major Resistance Levels – $7,580, $7,600 and $7,700.
