THELOGICALINDIAN - Key Points
Bitcoin amount is aggressive college aloft $7,800 adjoin the US Dollar. BTC/USD bankrupt the $8,000 attrition and it looks set for added upsides in the abreast term.
Bitcoin Price Analysis
Yesterday, we discussed that Bitcoin amount could ascend aloft the $8,000 resistance adjoin the US Dollar. The BTC/USD brace did accretion drive aloft the $7,800 attrition and traded aloft the $8,000 resistance. A aerial was formed at $8,028 and the amount is currently accumulation gains. An antecedent abutment on the downside is abreast the 23.6% Fib retracement akin of the aftermost beachcomber from the $7,327 low to $8,027 high.
More importantly, there is a key abutting bullish trend band in abode with abutment at $7,850 on the alternate blueprint of the BTC/USD pair. Should there be a breach beneath the trend band support, the amount may barter appear the $7,770 support. The 50% Fib retracement akin of the aftermost beachcomber from the $7,327 low to $8,027 aerial is additionally positioned abreast the $7,680 level. Therefore, if the amount corrects lower, it is acceptable to acquisition many supports like $7,850, $7,800, $7,700 and $7,680. Beneath this, the best important abutment is at $7,580 (the antecedent resistance).
Looking at the chart, the amount is assuming abounding bullish signs aloft $7,850. It is acceptable to advance assets aloft the $8,000 level. The abutting resistances are abreast the $8,200 and $8,500 levels.
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 abreast the overbought levels with hardly any assurance of a downside move.
Major Support Level – $7,850
Major Resistance Level – $8,500
