THELOGICALINDIAN - Key Points
Bitcoin amount is boring convalescent aloft $7,000 adjoin the US Dollar. BTC/USD is acceptable to attempt abreast a cogent attrition at $7,260.
Bitcoin Price Analysis
After abundant declines, bitcoin amount begin bids abreast the $6,880 akin adjoin the US Dollar. The BTC/USD brace traded as low as $6,883 and after it started an upside correction. The amount confused aloft the 23.6% Fib retracement akin of the aftermost accelerate from the 7,532 aerial to $6,883 low. Added importantly, there was a breach aloft the $7,000 handle, which opened the doors for added recoveries.
At the moment, the amount is disturbing to bright the $7,130 akin and is accumulation in a range. Above $7,130, there is a cogent attrition formed abreast $7,260. There is additionally a acute bearish trend band in abode with attrition at $7,260 on the alternate blueprint of the BTC/USD pair. An average attrition is the 50% Fib retracement akin of the aftermost accelerate from the 7,532 aerial to $6,883 low at $7,207. Additionally, the aforementioned trend band is positioned with the 100 alternate SMA at $7,270. Therefore, there are many resistances accumbent amid $7,210 and $7,270.
Looking at the chart, BTC amount may conceivably move added aloft $7,130. However, it won’t be accessible for bitcoin buyers to bright the $7,260 barrier. On the downside, an antecedent abutment is at $7,000. Below this, the amount may possibly move aback appear the $6,800 level.
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 positioned aloft the 50 level.
Major Support Level – $7,000
Major Resistance Level – $7,260
