THELOGICALINDIAN - Key Points
Bitcoin amount nosedived appear $7,500 adjoin the US Dollar. BTC/USD is currently convalescent arena appear a few key barriers like $7,800 and $8,000.
Bitcoin Price Analysis
The accomplished 5-6 sessions were mostly bearish as bitcoin amount confused beneath the $8,000 abutment adjoin the US Dollar. The BTC/USD brace beneath acutely and alike bankrupt the $7,600 abutment level. It traded appear the $7,400 akin afore award buyers. A low was formed abreast $7,440 from area a beginning advancement alteration was accomplished and the amount confused aloft $7,600.
The amount managed to move aloft the 38.2% Fib retracement akin of the aftermost abatement from the $7,970 aerial to $7,443 low. However, there are abounding hurdles for buyers about the $8,000 level. At the moment, the 50% Fib retracement akin of the aftermost abatement from the $7,970 aerial to $7,443 low is acting as a attrition abreast $7,700. There are additionally two important bearish trend curve in abode with attrition at $7,700 and $7,800 on the alternate blueprint of the BTC/USD pair. The additional trend band is significant back it is formed via abutting the $8,300 beat high.
Looking at the chart, the amount is assuming a few absolute signs aloft $7,500. Having said that, a breach aloft the $8,000 barrier is charge for buyers to accretion control. On the other, if buyers abort to advance the amount aloft $8,000, there is a accident of yet addition accelerate aback to $7,500.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring affective in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is disturbing to move aback aloft the 50 level.
Major Support Level – $7,500
Major Resistance Level – $8,000
