THELOGICALINDIAN - Bitcoin amount is accepting bullish drive aloft 11500 adjoin the US Dollar BTC amount ability abide to ascend college appear 12025 and 12200 in the abreast term
Bitcoin Price Analysis (BTC/USD)
Yesterday, we saw a solid advancement move in bitcoin amount aloft $11,200 adjoin the US Dollar. The BTC/USD brace alike bankrupt the $11,500 attrition and acclimatized aloft the 100 alternate simple affective average. Later, the amount climbed aloft the $11,700 attrition and traded abutting to the $12,000 level. Finally, a beat aerial was formed abreast $11,938 and the amount afresh adapted lower.
It bankrupt the $11,800 akin additional the 23% Fib retracement akin of the contempo beachcomber from the $10,830 low to $11,938 high. However, the abatement begin abutment abreast the $11,400 level. Moreover, there was no abutting beneath the $11,500 abutment level. At the moment, the amount is trading accurately aloft the 50% Fib retracement akin of the contempo beachcomber from the $10,830 low to $11,938 high.
More importantly, there is a abutting bullish trend band basic with abutment abreast $11,540 on the alternate blueprint of the BTC/USD pair. If there is a downside breach beneath the trend band abutment and $11,500, there could be an continued correction. Additionally, the abutting above abutment is abreast the $11,250 level. It represents the 61.8% Fib retracement akin of the contempo beachcomber from the $10,830 low to $11,938 high.
On the upside, an actual attrition is abreast the $11,800 level. Moreover, there is a abutting bearish trend band abreast $11,800 on the aforementioned chart. Therefore, a acknowledged breach aloft $11,800 ability set the clip for more upsides aloft the $11,900 and $12,000 levels. Additionally, the abutting key attrition aloft $12,000 is abreast the $12,200 level.
Looking at the chart, bitcoin amount is acutely trading in a nice uptrend aloft $11,500 with a able abstruse bias. Thus, if there are added upsides, the amount could calmly hit the $12,200 attrition level. Conversely, a downside breach beneath the $11,250 abutment ability advance the amount aback appear the $10,800 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 able-bodied aloft the 50 level, with a bullish angle.
Major Support Levels – $11,500 followed by $11,250.
Major Resistance Levels – $11,800, $12,000 and $12,200.
