THELOGICALINDIAN - Key Points
Bitcoin amount is airy from the $7,426 low adjoin the US Dollar. BTC/USD is acceptable to actual added college appear the $7,850 attrition in the abreast term.
Bitcoin Price Analysis
Yesterday, we saw a major bearish move beneath $7,850 in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded as low as $7,462 and after adapted higher. However, upsides were capped by the $7,600 akin and the amount beneath already again. A new low was formed at $7,426 area the amount formed a appropriate abutment for an advancement accretion aloft $7,500.
More importantly, there is a acute abutting trend band formed with abutment at $7,350 on the alternate blueprint of the BTC/USD pair. The brace recovered and confused aloft a bearish trend band with attrition at $7,580. Moreover, the amount bankrupt the 23.6% Fib retracement akin of the aftermost bead from the $8,200 beat aerial to $7,426 low. It seems like the amount may conceivably balance added in three after-effects appear the $7,850 resistance. However, upsides could be capped by the 50% Fib retracement akin of the aftermost bead from the $8,200 beat aerial to $7,426 low.
Looking at the chart, the amount is acceptable to face an important attrition abreast $7,850 and the 100 alternate SMA. There is additionally a abutting bearish trend band in abode with attrition at $7,840. Overall, bitcoin amount may possibly acceleration aloft $7,700, but it could face a able attrition abreast $7,850.
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 able-bodied aloft the 50 level.
Major Support Level – $7,500
Major Resistance Level – $7,850
