THELOGICALINDIAN - Key Points
Bitcoin amount is aback in activity aloft $7,400 adjoin the US Dollar. BTC/USD is assuming absolute signs aloft 100 SMA and is adverse a key barrier abreast $7,500-7,600.
Bitcoin Price Analysis
The accomplished few sessions were absolute in bitcoin amount as it confused aloft the $7,300 resistance adjoin the US Dollar. The BTC/USD brace formed a abutment abject at $7,050 and started a aciculate upside move. It bankrupt the 50% Fib retracement akin of the aftermost bead from the $7,450 aerial to $7,048 low to alpha the rally. Later, buyers succeeded in blame the amount aloft a above hurdle at $7,250.
It opened the doors for added assets and this week’s followed important bearish trend band with attrition at $7,320 was breached on the alternate blueprint of the BTC/USD pair. The brace acclimatized aloft the $7,400 attrition and the 100 alternate simple affective average. At the moment, the amount is trading abreast the 50% Fib retracement akin of the aftermost abatement from the $7,936 aerial to $7,048. Buyers charge advance the amount aloft the $7,500 and $7,600 attrition levels to added assets in the abreast term. The $7,600 akin is the 61.8% Fib retracement akin of the aftermost abatement from the $7,936 aerial to $7,048.
Looking at the chart, if the amount break the $7,600 barrier, it could calmly assemblage appear the $8,000 level. On the downside, the burst attrition at $7,300 and the 100 alternate SMA are acceptable to act as supports.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is about to move in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently placed accurately abreast the 60 level.
Major Support Level – $7,300
Major Resistance Level – $7,600
