THELOGICALINDIAN - Key Points
Bitcoin amount is aback in an uptrend aloft $10,500 adjoin the US Dollar. BTC/USD is acceptable to abide affective college appear the $12,000 and $12,500 levels.
Bitcoin Price Trend
This accomplished week, there was a fresh upside wave accomplished from able-bodied beneath the $10,000 akin in bitcoin amount adjoin the US Dollar. The amount formed an boilerplate low about the $10,100 low and confused higher. The best important affair is the actuality that the amount is now able-bodied aloft the $10,200 abutment and the 100 simple affective boilerplate (4-hours).
Recently, it confused aloft the $11,000 attrition and formed a aerial at $11,384. It is currently acclimation lower and is testing the 23.6% Fib retracement akin of the aftermost beachcomber from the $10,106 low to $11,384 high. At the moment, it seems like there is a application triangle arrangement basic with attrition at $11,400 on the 4-hours blueprint of the BTC/USD pair. There is a achievability that the brace may actual lower in the abreast appellation appear $10,800 support. However, downsides are acceptable to acquisition buyers abreast the $10,800 and $10,500 levels. Moreover, the 50% Fib retracement akin of the aftermost beachcomber from the $10,106 low to $11,384 aerial at $10,745 is additionally a abutment zone.
Overall, the amount remains in an uptrend as continued as aloft $10,500. On the upside, it may abide to move college appear the $12,000 and $12,500 levels.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is placed accurately in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently affective lower appear the 50 level.
Major Support Level – $10,500
Major Resistance Level – $11,400
Charts address – SimpleFX
