THELOGICALINDIAN - Key Points
Bitcoin amount is affective accurately aloft $7,400 adjoin the US Dollar. BTC/USD charge bright the $7,600 and $7,640 resistances for an upside acceleration.
Bitcoin Price Analysis
After trading aloft the $7,500 level, bitcoin amount faced sellers abreast the $7,550 akin adjoin the US Dollar. The BTC/USD brace started a downside alteration and traded beneath the $7,400 and $7,350 levels. It additionally beneath beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $7,050 low to $7,550 high. However, the downside move was adequate by the $7,250 abutment and the 100 alternate simple affective average.
A beginning upside beachcomber was accomplished and the amount jumped aback aloft the $7,400 level. It additionally austere the 76.4% Fib retracement akin of the aftermost bead from the $7,565 aerial to $7,262 low. It seems like the amount may abide to move college and it could advance aloft the $7,600 level. It has to breach the 1.236 Fib addendum akin of the last drop from the $7,565 aerial to $7,262 low at $7,640 for added gains. On the downside, there is a above bullish trend band basic with abutment at $7,400 on the alternate blueprint of the BTC/USD pair.
Looking at the chart, the amount is acutely in a bullish area aloft $7,400. A acknowledged breach and abutting aloft the $7,640 attrition may conceivably alarm for a advance appear the $7,800 level.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is affective accurately in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is branch college into the overbought levels.
Major Support Level – $7,400
Major Resistance Level – $7,640
