THELOGICALINDIAN - Key Points
Bitcoin amount is assuming absolute signs aloft $7,500 adjoin the US Dollar. BTC/USD charge bright the $7,650 barrier for added assets in the abreast term.
Bitcoin Price Analysis
Yesterday, we saw a bearish wave beneath the $7,400 akin in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded as low as $7,369 afore buyers appeared. A abject was formed abreast $7,350 afore the amount started an upside move. It traded college and bankrupt the $7,450 akin forth with the 38.2% Fib retracement akin of the aftermost downside move from the $7,780 beat aerial to $7,350 beat low.
The amount additionally succeeded in clearing aloft the $7,500 attrition and the 100 alternate simple affective average. Later, there was a abutting aloft the 50% Fib retracement akin of the aftermost downside move from the $7,780 beat aerial to $7,350 beat low. However, the amount is currently disturbing to bright the $7,650 resistance. There is additionally a key abutting bearish trend band in abode with attrition at $7,650 on the alternate blueprint of the BTC/USD pair. Therefore, a abutting aloft the $7,650 attrition is bare for an upside acceleration appear $7,800.
Looking at the chart, the accepted amount activity is positive, but a able breach aloft $7,650 is bare for buyers to booty control. On the downside, an antecedent abutment is about $7,500, followed by $7,400. Below this last, the amount may conceivably retest the $7,350 support.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD has bargain best of its bullish slope.
Hourly RSI (Relative Strength Index) – The RSI is now placed able-bodied aloft the 55 level.
Major Support Level – $7,400
Major Resistance Level – $7,650
