THELOGICALINDIAN - Key Points
Bitcoin amount is trading in a ambit aloft $7,200 adjoin the US Dollar. BTC/USD charge bright the $7,325 attrition for added assets in the abreast term.
Bitcoin Price Analysis
Yesterday, we discussed that bitcoin amount could actual lower from $7,300 adjoin the US Dollar. The BTC/USD brace did actual lower and confused appear the $7,200 support. However, sellers bootless to advance the amount added lower appear the $7,130 abutment area. A beat low was formed at $7,186 after the amount traded aloft the $7,300 level. The amount fabricated a few attempts to bright the $7,325 akin recently, but buyers bootless to accretion traction.
There was a downside acknowledgment and the amount confused beneath the $7,250 level. There was additionally a breach beneath the 50% Fib retracement akin of the contempo beachcomber from the $7,186 low to $7,324 high. However, declines were already afresh adequate by the $7,200 abutment area. Moreover, the 76.4% Fib retracement akin of the contempo beachcomber from the $7,186 low to $7,324 aerial acted as a support. At the outset, there is a concise bullish trend band in abode with abutment at $7,240 on the alternate blueprint of the BTC/USD pair. The brace is captivation the trend band and it seems like it could accomplish addition attack to bright $7,325.
Looking at the chart, bitcoin is acutely disturbing to breach the $7,325 resistance. Therefore, it will either breach $7,325 for added assets or abatement beneath $7,200 to analysis the $7,130 support.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is hardly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently aloft the 50 level.
Major Support Level – $7,200
Major Resistance Level – $7,325
