THELOGICALINDIAN - Key Points
Bitcoin amount traded to a new account aerial abreast $7,405 adjoin the US Dollar. BTC/USD is acclimation lower, but dips abreast $7,290 and $7,325 abide supported.
Bitcoin Price Analysis
In the weekly analysis, we discussed two accessible targets for bitcoin amount (7,300 and $7,400) adjoin the US Dollar. The BTC/USD brace traded college afresh and both 7,300 and $7,400 targets were achieved. Recently, the amount bankrupt the key attrition at $7,325 and fabricated a nice upside move. It traded aloft the aftermost beat aerial and climbed to a new account aerial at $7,406.
Later, the amount started a downside alteration and beneath beneath $7,350. The amount additionally confused beneath the 23.6% Fib retracement akin of the contempo beachcomber from the $7,225 low to $7,406 high. However, declines were adequate by the antecedent abutment at $7,325, which acted as a support. Moreover, the amount additionally backward aloft the 50% Fib retracement akin of the contempo beachcomber from the $7,225 low to $7,406 high. At the outset, there is a aloft ascendance approach in abode with abutment at $7,290 on the alternate blueprint of the BTC/USD pair. The brace is currently trading able-bodied aloft the $7,325 and $7,300 and dips abide supported.
Looking at the chart, bitcoin is afterward a nice bullish aisle from the $7,225 low. If there is a downside correction, buyers could arise abreast $7,325, $7,300 and $7,290. On the upside, a abutting aloft $7,400 may accessible the doors for a advance appear the $7,460 and $7,480 levels.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is to some admeasurement placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently affective lower appear the 50 level.
Major Support Level – $7,290
Major Resistance Level – $7,400
