THELOGICALINDIAN - Key Points
Bitcoin amount is boring accepting bullish drive aloft $7,500 adjoin the US Dollar. BTC/USD is acceptable advancing for added assets appear the $8,000 barrier.
Bitcoin Price Analysis
Bitcoin amount was alone abounding times abreast the $7,550 and $7,580 attrition levels adjoin the US Dollar. The BTC/USD brace afresh biconcave appear the $7,320 level, area it begin able bids. Later, it started a beginning upside move and acquired drive to breach the $7,550 and $7,580 attrition levels. It traded to a new account aerial aloft the 7,650 akin and activated $7,700.
During the advancement move, there was a breach aloft a abutting attrition trend band at $7,600 on the alternate blueprint of the BTC/USD pair. The brace is currently accumulation abreast the $7,700 akin with a bullish angle. On the upside, the abutting attrition is abreast the $7,780 level. It coincides with the 1.236 Fib addendum akin of the aftermost bead from the $7,669 aerial to $7,201 low. Aloft this, the amount is likely to accelerate aloft the $7,800 level. The abutting ambition for buyers could be $8,000 and the 1.618 Fib addendum akin of the aftermost bead from the $7,669 aerial to $7,201 low.
Looking at the chart, the amount is placed accurately aloft the $7,580 support, which was a above attrition earlier. If there is a downside correction, the $7,580 and $7,500 levels are acceptable to authority declines in the abbreviate term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is accepting backbone in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently able-bodied aloft the 60 akin with no abrogating signs.
Major Support Level – $7,580
Major Resistance Level – $7,800
