THELOGICALINDIAN - Bitcoin amount remained able-bodied accurate on the downside aloft 5200 adjoin the US Dollar BTC is trading accurately in an uptrend and it seems like the beasts are aiming 5400 or alike 5500
Bitcoin Price Analysis
In the accomplished three days, we saw a apathetic and abiding rise aloft $5,100 in bitcoin amount adjoin the US Dollar. The BTC/USD brace bankrupt the key $5,160 and $5,200 attrition levels to achieve in a absolute zone. There was alike a abutting aloft the $5,200 akin and the 100 alternate simple affective average. Intermediately, there were a few beat moves and downside corrections, but the amount remained able-bodied bid aloft the $5,160 level. The aftermost beat low was abreast at $5,192 afore the amount climbed aloft the $5,300 level.
The amount traded as aerial as $5,364 afresh and adapted lower. It bankrupt the $5,280 akin and the 50% Fib retracement akin of the contempo beachcomber from the $5,192 low to $5,364 high. However, the abatement was adequate abreast the $5,250 abutment and the amount remained able-bodied aloft the 100 alternate simple affective average. The 61.8% Fib retracement akin of the contempo beachcomber from the $5,192 low to $5,364 aerial additionally acted as a strong support. More importantly, there is a above ascendance approach in abode with abutment at $5,210 on the alternate blueprint of the BTC/USD pair.
Therefore, dips appear the $5,220 and $5,200 levels charcoal able-bodied accurate in the abbreviate term. On the upside, an antecedent attrition is abreast the $5,350 and $5,360 levels. A acknowledged breach aloft the $5,364 beat aerial is acceptable to accessible the doors for added assets aloft the $5,400 and $5,450 levels.
Looking at the chart, bitcoin amount is acutely trading in a solid uptrend aloft the $5,200 abutment area. The beasts abide in activity and there are affairs of an upside breach aloft the $5,400 resistance. On the downside, alone a abutting beneath the blooming breadth at $5,160 could set the clip for added losses.
Technical indicators:
Hourly MACD – The MACD is currently placed accurately in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently acclimation lower appear the 50 level.
Major Support Levels – $5,200 followed by $5,160.
Major Resistance Levels – $5,360, $5,400 and $5,500.
