THELOGICALINDIAN - Key Points
Bitcoin amount is currently acclimation lower adjoin the US Dollar. BTC/USD ability animation aback from $7,600 if buyers avert the 100 alternate SMA.
Bitcoin Price Analysis
After a decent upside move, bitcoin amount faced a lot of offers abreast the $7,750 akin adjoin the US Dollar. The BTC/USD brace formed a concise top abreast $7,748 and started a downside correction. It beneath and confused beneath the 23.6% Fibonacci retracement akin of the aftermost beachcomber from the $7,350 low to $7,748 high. There seems to be a accessory access in affairs burden beneath the $7,700 level.
More importantly, there was a breach beneath a aloft abutting bullish trend band with abutment at $7,640 on the alternate blueprint of the BTC/USD pair. The brace is currently trading aloft the $7,600 abutment and the 100 alternate simple affective average. Moreover, the 38.2% Fibonacci retracement akin of the last wave from the $7,350 low to $7,748 aerial is additionally about the $7,600 support. Should there be a bearish breach beneath the $7,600 support, the amount could extend declines appear the $7,500 level.
Looking at the chart, the amount is adverse a bearish trend band on the upside with attrition at $7,680. A acknowledged breach and abutting aloft the trend band and $7,700 may conceivably bright the aisle for added assets in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring affective aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is affective lower and is currently affective able-bodied beneath the 50 level.
Major Support Level – $7,600
Major Resistance Level – $7,700
