THELOGICALINDIAN - Key Points
Bitcoin amount fabricated a nice upside move aloft $7,700 adjoin the US Dollar. BTC/USD is currently acclimation lower appear a above abutment at $7,500.
Bitcoin Price Analysis
The accomplished few sessions were positive as bitcoin amount acclimatized aloft the $7,500 barrier adjoin the US Dollar. The BTC/USD brace traded aloft the $7,550 and $7,600 attrition levels. It traded abutting to the $7,800 akin and acquaint a aerial at $7,779. Later, the amount started a downside alteration and confused beneath the $7,700 level. It bankrupt the 23.6% Fib retracement akin of the aftermost beachcomber from the $7,354 low to $7,779 high.
However, the amount is now abutting a acute abutment abreast $7,500. The declared akin was a attrition beforehand and it may now stop declines beneath $7,500. There is additionally a key abutting bullish trend band basic with abutment at $7,540 on the alternate blueprint of the BTC/USD pair. Moreover, the 50% Fib retracement akin of the last wave from the $7,354 low to $7,779 aerial is at $7,560. Lastly, the 100 alternate simple affective boilerplate is positioned abreast $7,600 to act as a axis area.
Looking at the chart, the amount is currently trading abreast an important abutment aloft $7,500. As continued as the amount stays aloft $7,500, it could animation aback and retest $7,800. On the cast side, a breach beneath $7,500 may conceivably advance losses appear the $7,300 level.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD has confused aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI has accomplished the oversold levels abreast 30.
Major Support Level – $7,500
Major Resistance Level – $7,800
