THELOGICALINDIAN - Key Points
Bitcoin amount climbed added college aloft $7,200 adjoin the US Dollar. BTC/USD traded aloft the $7,300 ambition and it is currently acclimation lower.
Bitcoin Price Analysis
In the account analysis, we discussed that bitcoin amount could hit the $7,300 level adjoin the US Dollar. The BTC/USD brace did move college and bankrupt the $7,200 attrition to analysis the $7,300 level. It alike bankrupt the $7,300 akin and traded as aerial as $7,332. The amount is currently acclimation lower from the $7,332 high, but it charcoal able-bodied aloft the 100 alternate simple affective average.
It afresh bankrupt the 23.6% Fib retracement akin of the aftermost leg from the $7,033 low to $7,332 high. More importantly, there was a breach beneath a key bullish trend band with abutment at $7,260 on the alternate blueprint of the BTC/USD pair. The brace activated the $7,180 abutment and 50% Fib retracement akin of the aftermost leg from the $7,033 low to $7,332 high. It is currently award bids aloft the $7,200 akin and is affective higher. However, the burst trend band and abutment abreast the $7,300 akin is acceptable to act as a resistance. If the amount fails to beat the $7,300 level, it could actual added lower appear the $7,110 abutment zone.
Looking at the chart, bitcoin is placed accurately aloft the $7,110 abutment area. There could be a few beat moves, but the amount could after barter aloft the $7,300 and $7,332 levels in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is aloof aloft the 50 level.
Major Support Level – $7,180
Major Resistance Level – $7,300
