THELOGICALINDIAN - Bitcoin amount rebounded acutely aloft 5200 adjoin the US Dollar BTC is aback in a appropriate uptrend and it seems like it could ascend appear the key 5400 attrition area
Bitcoin Price Analysis
Yesterday, bitcoin amount revisited the $4,940 abutment area adjoin the US Dollar. The BTC/USD brace begin a able affairs absorption abreast $4,940 and after started a appropriate advancement move. It seems like the amount formed a bifold basal arrangement abreast $4,940, which is a absolute sign. It bankrupt the $5,100 attrition and the 100 alternate simple affective boilerplate to alpha a solid advancement move. Besides, there was a breach aloft the 50% Fib retracement akin of the aftermost bead from the $5,186 aerial to $4,943 low.
More importantly, yesterday’s accent aloft bearish trend band was breached at $5,110 on the alternate blueprint of the BTC/USD pair. Finally, there was a breach aloft the key $5,150-5,160 attrition breadth (the antecedent support). It opened the doors for added assets and the amount traded aloft $5,200 and $5,250. A new account aerial was formed at $5,275 and the amount is currently accumulation gains. An antecedent abutment is abreast $5,200 and the 23.6% Fib retracement akin of the contempo beachcomber from the $4,943 low to $5,275 high.
However, the capital abutment is abreast the $5,150-5,160 breadth (the antecedent resistance). Below $5,150, the amount could analysis the $5,100 abutment breadth and the 100 alternate simple affective average. The 50% Fib retracement akin of the contempo beachcomber from the $4,943 low to $5,275 aerial is additionally abreast the $5,109 level. Therefore, dips from the accepted levels abide able-bodied accurate abreast $5,160 and $5,100.
Looking at the chart, bitcoin amount acutely jumped aback in a absolute area aloft $5,160. In the abbreviate term, there could be a downside correction, but the beasts are acceptable to avert $5,160 or $5,100. On the upside, an antecedent attrition is abreast the $5,275 level, aloft which the amount ability analysis $5,300. Any added assets is acceptable to set the clip for a advance appear the $5,400 level.
Technical indicators:
Hourly MACD – The MACD is placed accurately in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD jumped aloft the 60 akin and it is currently acclimation lower.
Major Support Levels – $5,160 followed by $5,100.
Major Resistance Levels – $5,275, $5,300 and $5,400.
