THELOGICALINDIAN - Bitcoin charcoal in a able uptrend admitting the contempo alteration beneath 5200 adjoin the US Dollar BTC is acceptable to acquisition buyers abreast anon and it could animation aback aloft 5150
Bitcoin Price Weekly Analysis (BTC)
There was a abiding acceleration in bitcoin aloft the $5,350 akin this accomplished anniversary adjoin the US Dollar. The BTC/USD brace alike bankrupt the $5,450 akin and traded to a new annual aerial at $5,465. Later, there was a downside alteration and the amount bankrupt the $5,400 and $5,350 abutment levels. Sellers acquired clip already the amount bankrupt the key $5,200 abutment area. There was alike a breach beneath the 50% Fib retracement akin of the aftermost beachcomber from the $4,702 low to $5,465 high.
Moreover, there was a breach beneath a aloft bullish trend band with abutment at $5,200 on the 4-hours blueprint of the BTC/USD pair. Sellers pushed the amount beneath the $5,000 akin and the amount activated the $4,950 abutment area. Besides, there was a analysis of the 76.4% Fib retracement akin of the aftermost beachcomber from the $4,702 low to $5,465 high. Recently, the amount recovered aloft the $5,050 level, but it faced a strong resistance abreast the $5,130 level. The declared $5,130 akin was a abutment beforehand and now it is acting as a hurdle for buyers.
It seems like there ability be addition downside advance appear the $4,950 or $4,900 abutment levels afore the amount starts a beginning increase. The $4,800 akin is additionally a able abutment back it is a axis breadth and coincides with the 100 simple affective boilerplate (4-hours). Therefore, if there are added downsides, the amount is acceptable to abide accurate abreast $4,900 or $4,800.
Looking at the chart, bitcoin is acutely trading in an uptrend as continued as it is aloft $4,800 and the 100 simple affective boilerplate (4-hours). If there is a abutting beneath the 100 SMA, the amount could abatement appear the $4,500 level. Conversely, the amount is acceptable to animation aback aloft $5,150 and $5,200 in the abreast term.
Technical indicators
4 hours MACD – The MACD for BTC/USD is about to move into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is placed aloof beneath the 50 level.
Major Support Level – $4,900
Major Resistance Level – $5,150
