THELOGICALINDIAN - Key Points
Bitcoin amount is trading with a bullish bend aloft $7,000 adjoin the US Dollar. BTC/USD buyers are in ascendancy and they are now aiming a analysis of the $7,250 resistance.
Bitcoin Price Analysis
Yesterday, we discussed that bitcoin amount could advance aloft the $7,000 resistance adjoin the US Dollar. The BTC/USD brace did accretion bullish drive and succeeded in allowance a able advertise area abreast $7,000 level. The amount alike bankrupt the $7,080 attrition and is currently trading able-bodied aloft the 100 alternate simple affective average. A new account aerial was formed at $7,132 and after the amount adapted lower.
It beneath beneath the $7,100 akin and activated the 23.6% Fib retracement akin of the contempo beachcomber from the $6,712 low to $7,132 high. At the moment, the amount is captivation assets aloft the $7,000 level. More importantly, there is a acute concise bullish trend band formed with abutment at $7,010 on the alternate blueprint of the BTC/USD pair. If the amount break the trend band support, it could extend the current correction appear the $6,920 support. It represents the 50% Fib retracement akin of the contempo beachcomber from the $6,712 low to $7,132 high. Beneath this, there is a cogent bullish trend band with abutment at $6,910 on the aforementioned chart.
Looking at the chart, bitcoin is placed accurately in a absolute area aloft $7,000. Buyers will best acceptable attack an upside breach aloft the $7,132 aerial for a analysis of the $7,200 and $7,250 resistances.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is about to move aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is able-bodied aloft the 55 level.
Major Support Level – $7,010
Major Resistance Level – $7,200
