THELOGICALINDIAN - Bitcoin bankrupt a brace of important hurdles abreast 7500 and 8000 on the circadian blueprint adjoin the US Dollar BTC amount activity indicates a able acceleration appear 9100 or alike 10000
Bitcoin Going Parabolic Again
Recently, there were bullish moves in bitcoin aloft the $7,500 attrition breadth adjoin the US Dollar. More importantly, there were a brace of key bullish break on the circadian chart.
The circadian blueprint suggests that the amount formed a able abutment abject abreast $6,560 afore starting the accepted rally. There was a bright breach aloft a above bearish trend band with attrition abreast $7,630.
As a result, bitcoin climbed aloft the $8,000 attrition and acclimatized aloft the 100-day simple affective average. The contempo acceleration was adjourned abreast the 50% Fib retracement akin of the bottomward move from the $10,564 aerial to $6,449 low.
However, the accepted amount action, bullish breaks aloft the trend band and the 100-day SMA announce that the beasts are adjustment for the abutting assemblage aloft the $8,500 resistance.
The abutting above attrition is abreast the $9,000 and $9,100 levels. The 61.8% Fib retracement akin of the bottomward move from the $10,564 aerial to $6,449 low is additionally abreast the $9,000 level.
If the amount continues to accretion drive aloft $9,100, there are affairs of a run appear the $10,000 attrition area.
Dips Remain Supported in BTC
In the abbreviate term, there could be a brace of downside corrections. In the mentioned case, an antecedent abutment is abreast the $8,300 level.
The capital abutment is abreast the $8,000 akin or the 100-day SMA, which was the contempo blemish zone. Any added losses may conceivably advance the amount appear the $7,500 abutment breadth in the abreast term.
Looking at the chart, bitcoin amount is assuming a lot of absolute signs aloft the $8,000 abutment and the 100-day SMA. As continued as there is no circadian abutting beneath the 100 SMA, there are affairs of a able acceleration appear the $10,000 resistance.
Technical indicators:
Daily MACD – The MACD is boring accepting clip in the bullish zone.
Daily RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied aloft the 50 level.
Major Support Levels – $8,300 followed by $8,000.
Major Resistance Levels – $8,500, $9,000 and $9,100.
