THELOGICALINDIAN - Key Points
Bitcoin amount is placed accurately aloft the $7,850 abutment adjoin the US Dollar. BTC/USD is acceptable to billow college already buyers accomplish in allowance the $8,300 hurdle.
Bitcoin Price Analysis
Yesterday, we discussed an important barrier abreast $8,300 in bitcoin amount adjoin the US Dollar. The BTC/USD brace fabricated addition attack to breach the declared $8,300 resistance, but it failed. As a result, there was a bearish acknowledgment and the amount biconcave beneath the $8,000 level. However, the $7,800-7,850 abutment breadth acted as a able hurdle for sellers and prevented added declines.
A low was formed at $7,854 and the amount bounced back. It bankrupt the 50% Fib retracement akin of the aftermost abatement from the $8,373 aerial to $7,854 low. However, the amount struggled to achieve aloft the $8,200 akin and the 100 alternate simple affective average. Moreover, the 76.4% Fib retracement akin of the aftermost abatement from the $8,373 aerial to $7,854 low additionally prevented gains. At the moment, the amount is accumulation abreast the $8,100 akin and the 100 alternate SMA. On the upside, yesterday’s accent important bearish trend band is complete with attrition at $8,280 on the alternate blueprint of the BTC/USD pair.
Looking at the chart, the amount needs to bright the $8,220 level, trend line, and the $8,300 barrier to ascend higher. The abutting attrition awaits at $8,500, aloft which, the amount could billow aloft $8,700. The key supports on the downside are $8,000, $7,850 and $7,800.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is hardly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently collapsed abreast the 50 level.
Major Support Level – $7,850
Major Resistance Level – $8,300
