THELOGICALINDIAN - Key Points
Bitcoin amount climbed aloft the $7,500 akin adjoin the US Dollar. BTC/USD may actual a few points, but it charcoal in an uptrend aloft $7,120.
Bitcoin Price Analysis
Bitcoin amount traded added higher and bankrupt a cogent attrition abreast $6,800 adjoin the US Dollar. The BTC/USD brace acquired bullish drive and austere the $7,000 resistance. It acquired added than 8% and traded aloft the $7,500 level. A aerial was formed afresh at $7,570 afore the amount started accumulation gains. BTC is currently trading in a ambit about the $7,500 akin with abounding absolute signs.
On the downside, an antecedent abutment is abreast the 23.6% Fib retracement akin of the aftermost leg from the $6,670 low to $7,570 high. More importantly, there is a concise ascendance approach basic with abutment at $7,400 on the alternate blueprint of the BTC/USD pair. Should there be a downside breach beneath the approach support, the amount could barter appear the $7,200 support. Beneath this, the abutting abutment is the 50% Fib retracement akin of the aftermost leg from the $6,670 low to $7,570 aerial at $7,120.
Looking at the chart, the amount is placed accurately in an uptrend aloft $7,200. There are aerial affairs of more gains aloft the $7,570 akin in the abreast term. The abutting attrition is abutting to $7,850, which is additionally a axis zone. In the abbreviate term, there may able-bodied be a few antidotal moves, but buyers abide in ascendancy as continued as the amount is aloft $7,120.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring abbreviation its bullish slope.
Hourly RSI (Relative Strength Index) – The RSI is currently collapsed in the overbought zone.
Major Support Level – $7,358
Major Resistance Level – $7,570
