THELOGICALINDIAN - Key Points
Bitcoin amount is assuming absolute signs aloft $9,200 adjoin the US Dollar. BTC/USD has to achieve aloft the 100 alternate SMA to ascend aloft $9,500 in the abreast term.
Bitcoin Price Trend
After a downside correction, bitcoin amount begin a strong affairs interest abreast the $9,000 akin adjoin the US Dollar. The amount formed a low at $8,969 and started an upside move. It climbed college and austere the 23.6% Fib retracement akin of the aftermost bead from the $9,959 aerial to $8,969 low. It opened the doors for added upsides and the amount bankrupt a brace of key hurdles abreast $9,180 and $9,200.
More importantly, there was a breach aloft a acute crumbling approach with attrition at $9,200 on the alternate blueprint of the BTC/USD pair. The brace activated the abutting aloft attrition at $9,450 and the 100 alternate simple affective average. It seems like buyers struggled to breach the $9,450 attrition back it is the 50% Fib retracement akin of the aftermost bead from the $9,959 aerial to $8,969 low. It is currently accumulation assets abreast the $9,350 akin and the 100 alternate SMA. Once there is a acknowledged abutting aloft 100 SMA and $9,450, the amount may resume its uptrend.
Looking at the chart, there are abounding absolute signs aloft the $9,200 support. As continued as the amount is abiding and holds the bullish bent aloft $9,200, it is acceptable to breach $9,450. The abutting stop for buyers could be $9,600 and $9,750.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring affective in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is now able-bodied aloft the 50 level.
Major Support Level – $9,200
Major Resistance Level – $9,450
