THELOGICALINDIAN - Key Points
Bitcoin amount is placed in an uptrend aloft $3,580 adjoin the US Dollar. BTC/USD is acceptable to extend the accepted bullish beachcomber appear $4,500 or $5,000.
Bitcoin Price Analysis
This accomplished week, bitcoin amount started a solid advancement move aloft the $3,200 attrition adjoin the US Dollar. The BTC/USD brace surged aloft the $3,580 and $3,780 attrition levels. There was alike a abutting aloft the $3,780 barrier and the 100 simple affective boilerplate (4-hours). An average aerial was formed abreast $4,175 and afresh the amount adapted lower. It bankrupt the $3,900 level, but the $3,780 akin acted as a solid support.
The amount started a beginning upside and bankrupt the $3,900 resistance. It alike bankrupt the 50% Fib retracement akin of the contempo abatement from the $4,175 aerial to $3,778 low. More importantly, there is a aloft balanced triangle basic with attrition at $4,080 on the 4-hours blueprint of the BTC/USD pair. The triangle seems to be a bullish assiduity arrangement appear the $4,175 and $4,300 levels. A acknowledged breach aloft the $4,100 and $4,150 levels is bare for further gains. Once there is a breach aloft $4,175, the amount could assemblage appear $4,500 or $5,000.
Looking at the chart, BTC amount charcoal able-bodied accurate on dips abreast the $3,900 and $3,780 levels. As continued as there is no abutting aloft the $3,580 pivot, the amount is acceptable to billow appear $4,200, $4,500 or alike $5,000.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is about to move into the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is able-bodied aloft the 60 level.
Major Support Level – $3,780
Major Resistance Level – $4,175
