THELOGICALINDIAN - Key Points
Bitcoin amount acquired bullish drive aloft the $6,750 attrition adjoin the US Dollar. BTC/USD is now advancing for added upsides aloft $7,000.
Bitcoin Price Analysis
Yesterday, we discussed a possible breach aloft $6,750 in bitcoin amount adjoin the US Dollar. The BTC/USD brace did barter college and buyers succeeded in allowance the $6,750 and $6,775 attrition levels. The amount alike bankrupt the $6,850 akin to move into a bullish zone. A new account aerial was formed at $6,957 and the amount is currently placed able-bodied aloft the 100 alternate simple affective average.
Recently, the amount adapted lower beneath the $6,900 level. It activated the 23.6% Fib retracement akin of the aftermost beachcomber from the $6,567 low to $6,957 high. However, downsides were bound and the amount was able-bodied bid abreast the $6,850-6,860 zone. Beneath this, the abutting above abutment is abreast the $6,800 level. More importantly, there is a acute bullish trend line in abode with abutment at $6,780 on the alternate blueprint of the BTC/USD pair. The aforementioned trend band coincides with the 50% Fib retracement akin of the aftermost beachcomber from the $6,567 low to $6,957 high. Therefore, if the amount corrects lower from the accepted levels, it is acceptable to acquisition abutment abreast $6,800.
Looking at the chart, the accepted amount activity is absolute aloft $6,850 for bitcoin price. It seems like the amount is advancing for added assets aloft $7,000 and $7,050 levels in the abbreviate term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is placed accurately in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is now abreast the 72 level.
Major Support Level – $6,800
Major Resistance Level – $7,000
