THELOGICALINDIAN - Bitcoin amount is aggressive with a bullish bend aloft 7000 adjoin the US Dollar BTC is acceptable to advance college if it clears the 7260 resistance
Bitcoin Price Analysis
Recently, there was a downside addendum in bitcoin beneath the $7,100 and $7,000 abutment levels adjoin the US Dollar. BTC amount acicular appear the $6,880 abutment and traded to a new 2020 low at $6,863.
However, the beasts took a stand, consistent in a aciculate advancement move aloft the $7,000 resistance. Besides, there was a breach aloft the $7,080 attrition area. More importantly, there was a breach aloft a key bearish trend band with attrition abreast $7,120 on the alternate blueprint of the BTC/USD pair.
The brace acicular aloft the 50% Fib retracement akin of the bottomward move from the $7,530 aerial to $6,863 low. Though, the advancement move was capped by the $7,260 attrition area.
Additionally, the amount is adverse hurdles abreast the 61.8% Fib retracement akin of the bottomward move from the $7,530 aerial to $6,863 low. Bitcoin is currently acclimation lower beneath $7,200.
On the downside, an antecedent abutment is abreast the $7,120 akin and the burst trend line. The abutting above abutment is abreast the $7,080 level, beneath which the amount is acceptable to resume its downtrend.
Conversely, the amount ability abide to acceleration aloft the $7,260 resistance. The next above attrition is abreast the $7,400 level. An average attrition is the 76.4% Fib retracement akin of the bottomward move from the $7,530 aerial to $6,863 low.
If the amount continues to acceleration aloft $7,380 and $7,400, the abutting stop for the beasts may conceivably be $7,460 and $7,500. Any added assets could advance the amount appear the $7,500 attrition breadth in the advancing sessions.
Looking at the chart, bitcoin amount is abandoning losses aloft $7,100 and the 100 alternate SMA. If there is addition billow aloft $7,260, it will best acceptable affirm a trend change and a beginning access appear $7,500.
Technical indicators:
Hourly MACD – The MACD is currently accepting backbone in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied aloft the 50 level.
Major Support Levels – $7,120 followed by $7,080.
Major Resistance Levels – $7,260, $7,380 and $7,460.
