THELOGICALINDIAN - Key Points
Bitcoin amount is accepting drive aloft $6,600 adjoin the US Dollar. BTC/USD could advance assets aloft $7,000 to ambition the $7,250 level.
Bitcoin Price Trend
This accomplished week, there was a downside correction beneath the $6,700 abutment in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded beneath the $6,500 abutment level, but declines were protected. The $6,400-6,450 abutment area acted as a abutment and prevented declines. A abutment abject was formed and the amount jumped aloft the $6,600 and $6,700 attrition levels. There was additionally a breach aloft the 76.4% Fib retracement akin of the aftermost abatement from the $6,795 aerial to $6,454 low.
It opened the doors for added assets and the amount traded aloft the $6,800 resistance. However, there was no analysis of the 1.236 Fib addendum akin of the aftermost abatement from the $6,795 aerial to $6,454 low. Therefore, there are aerial affairs that the amount may accelerate gains aloft $6,800 in the abreast term. The abutting attrition is at $6,875. Aloft this, the amount may move aloft the $7,000 barrier to analysis the 1.618 Fib addendum level. In the abbreviate term, there could be a downside alteration appear the $6,700 support. Added importantly, there is a above ascendance approach in abode with abutment at $6,600 on the 4-hours blueprint of the BTC/USD pair.
Looking at the chart, the amount is placed accurately in an uptrend aloft $6,600. The abutting targets may able-bodied beneath $6,875, $7,000 and $7,250.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is accepting drive in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now placed able-bodied aloft the 60 level.
Major Support Level – $6,600
Major Resistance Level – $7,000
