THELOGICALINDIAN - Bitcoin amount acceptable completed a downside alteration abreast 4900 adjoin the US Dollar BTC is cutting college and the accepted amount activity is advertence bullish assiduity aloft the 5200 level
Bitcoin Price Analysis
Recently, we saw a solid downside alteration from the $5,460 beat aerial in bitcoin amount adjoin the US Dollar. The BTC/USD brace beneath beneath the $5,300 and $5,200 abutment levels. There was alike a abutting beneath the $5,200 akin and the 100 alternate simple affective average. However, as discussed in one of the contempo analysis, bitcoin did acquisition a able abutment abreast the $4.9K-5.0K zone. The amount traded appear the $4,900 abutment and formed a low abreast the $4,922 level.
Recently, there was a solid advancement move and the amount recovered aloft the $5,000 and $5,040 attrition levels. There was alike a abutting aloft the $5,080 akin and the 23.6% Fib retracement akin of the aftermost abatement from the $5,462 aerial to $4,922 low. The amount is now abutting a cogent attrition abreast the $5,150 level. Besides, the 100 alternate SMA is additionally positioned abreast the $5,160 akin to act as a resistance. More importantly, there is a above blemish arrangement in abode with attrition at $5,130 on the alternate blueprint of the BTC/USD pair.
Above $5,160, the amount could analysis the 50% Fib retracement akin of the aftermost abatement from the $5,462 aerial to $4,922 low. If bitcoin assets clip aloft the $5,180 and $5,200 attrition levels, there could be a solid advancement move appear the $5,300 and $5,350 levels. In the mentioned case, the crypto market could accretion traction, with bullish moves in Ethereum, ripple, litecoin and others.
Looking at the chart, bitcoin amount is assuming signs of a solid improvement aloft $5,100. Having said that, beasts charge to beat the $5,180 and $5,200 attrition levels. If they fail, the amount may abatement already afresh beneath the $5,100 and $5,040 abutment levels. On the upside, the capital ambition for beasts could be $5,350.
Technical indicators:
Hourly MACD – The MACD is boring accepting drive in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is aback aloft the 50 level, with a bullish angle.
Major Support Levels – $5,040 followed by $5,000.
Major Resistance Levels – $5,150, $5,180 and $5,200.
