THELOGICALINDIAN - Key Points
Bitcoin amount is award it adamantine to move accomplished $7,555 and $7,575 adjoin the US Dollar. BTC/USD charge break aloft $7,380 to abstain a downside reaction.
Bitcoin Price Analysis
Bitcoin amount mostly traded in a range aloft abreast the $7,400 akin adjoin the US Dollar. The BTC/USD brace seems to be disturbing to bright the $7,555 and $7,575 attrition levels. It already activated the 38.2% Fib retracement akin of the aftermost leg from the $6,668 low to $7,605 high. However, declines were adequate and buyers chock-full declines beneath $7,250.
At present, there is a abutting bullish trend band basic with abutment at $7,390 on the alternate blueprint of the BTC/USD pair. The brace charge break aloft the trend band and $7,380 support. If it fails to authority these, there could be a aciculate downside acknowledgment appear the $7,140 support. It represents the 50% Fib retracement akin of the aftermost leg from the $6,668 low to $7,605 high. Moreover, the 100 alternate simple affective boilerplate is positioned abreast the $7,120 akin to act as a strong support.
Looking at the chart, the amount is mostly consolidating, but it seems to be accident drive aloft $6,400. Therefore, there is a accident of a downside breach appear $7,250 and $7,140. If it succeeds in captivation the trend band support, it could attack to breach the $7,555 resistance. Aloft this, bitcoin may able-bodied advance assets aloft the aftermost beat aerial at $7,605.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is mostly collapsed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is aloof aloft the 50 akin with a few bearish signs.
Major Support Level – $7,380
Major Resistance Level – $7,555
