THELOGICALINDIAN - Key Points
Bitcoin amount is abutting a acute breach adjoin the US Dollar. BTC/USD blemish levels are $7,600 on the upside and $7,400 on the downside.
Bitcoin Price Analysis
There were mostly ranging moves aloft $7,400 in bitcoin amount during the accomplished two sessions adjoin the US Dollar. The BTC/USD brace struggled to breach the $7,580 and $7,600 attrition levels. As a result, there was a accessory downside acknowledgment from the contempo aerial of $7,602. There was a breach beneath the 23.6% Fib retracement akin of the aftermost leg from the $7,260 low to $7,602 high.
However, the abatement was bound by the $7,400 abutment area. More importantly, yesterday’s accent important bullish trend band with accepted abutment at $7,450 captivated declines on the alternate blueprint of the BTC/USD pair. Additionally, the 50% Fib retracement akin of the aftermost leg from the $7,260 low to $7,602 aerial adequate losses beneath the $7,400 support. The brace is on the move afresh and it retested the $7,580 and $7,600 attrition levels. Both the mentioned levels are important barriers and preventing gains aloft $7,650.
Looking at the chart, the amount seems to be abutting a acute breach either aloft $7,600 or beneath $7,400. On the upside, a breach and abutting aloft $7,600 could set the clip for a advance appear $7,800 and $8,000. On the cast side, a breach beneath $7,400 may conceivably booty the amount to $7,260.
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 branch college appear the 60 level.
Major Support Level – $7,400
Major Resistance Level – $7,600
