THELOGICALINDIAN - Key Points
Bitcoin amount is trading with a absolute bent aloft $8,400 adjoin the US Dollar. BTC/USD could extend the accepted move aloft the $8.650 and $8,800 attrition levels.
Bitcoin Price Analysis (BTC/USD)
After a fasten beneath the $8,000 level, bitcoin amount begin a strong affairs interest adjoin the US Dollar. The BTC/USD brace traded as low as $7,915 afore starting an upside move. It acquired absorption and confused aloft the $8,000, $8,200 and $8,400 attrition levels. The upside move was absolute back there was a abutting aloft the $8,400 axis akin and the 100 alternate simple affective average.
BTC buyers got in ascendancy and pushed the amount aloft the aftermost beat aerial of $8,506. It opened the doors for added assets and it seems like the amount may able-bodied analysis the 1.236 Fib addendum akin of the aftermost abatement from the $8,506 aerial to $7,915 low. At the moment, the amount is accumulation assets aloft the $8,400 level. There is additionally a cogent ascendance approach formed with abutment at $8,400 on the alternate blueprint of the BTC/USD pair. Should the amount accretion bullish momentum, it could calmly breach the $8,600 attrition to analysis the 1.618 Fib addendum akin of the last decline from the $8,506 aerial to $7,915 low at $8,870.
Looking at the chart, the amount charcoal able-bodied accurate aloft the $8,400 level. A downside breach beneath $8,400 may able-bodied alarm for a concise changeabout of the accepted trend.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is hardly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is affective lower appear the 50 level.
Major Support Level – $8,400
Major Resistance Level – $8,650
