THELOGICALINDIAN - Key Points
Bitcoin amount climbed aloft the $4,150 barrier adjoin the US Dollar. BTC looks set to barter added college aloft the $4,400-4,500 attrition breadth in the abreast term.
After a accessory downside correction, bitcoin amount begin abutment abreast the $3,780 akin adjoin the US Dollar. The BTC/USD brace formed a solid support and climbed aloft the $3,900 and $4,000 attrition levels. There was alike a abutting aloft the $4,000 attrition and the 100 alternate simple affective average. Finally, there was a able breach aloft the $4,150 and $4,200 attrition levels.
Moreover, there was a breach aloft a above bearish trend band with attrition at $4,040 on the alternate blueprint of the BTC/USD pair. The brace is currently accumulation abreast the $4,200 akin and it looks set for more gains. An antecedent abutment is abreast the 23.6% Fib retracement akin of the aftermost beachcomber from the $3,912 low to $4,240 high. However, the capital abutment is abreast the $4,050 akin and the burst trend line. The 50% Fib retracement akin of the aftermost beachcomber from the $3,912 low to $4,240 aerial is additionally abreast the $4,075 level. Therefore, there are abounding supports on the downside abreast the $4,050 and $4,075 levels.
Looking at the chart, bitcoin amount is placed accurately in a bullish area aloft $4,000. Buyers are acceptable to advance the amount aloft the $4,400 and $4,500 hurdles in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is placed heavily in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently able-bodied aloft the 70 level.
Major Support Level – $4,050
Major Resistance Level – $4,400
