THELOGICALINDIAN - Key Points
Bitcoin amount completed a alteration beachcomber abreast $7,800 adjoin the US Dollar. BTC/USD is resuming its upside move and it could breach the $8,500 aerial to analysis $9,000.
Bitcoin Price Supports
This accomplished week, there was a nice upside move as bitcoin amount bankrupt the $7,600 and $7,700 attrition levels adjoin the US Dollar. The BTC/USD brace alike bankrupt the $8,000 attrition and traded as aerial as $8,500. Later, the amount started a downside alteration and confused beneath the $8,000 level. There was a breach beneath the 23.6% Fib retracement akin of the aftermost leg from the $7,206 low to $8,500 high.
However, the abatement was adequate by the $7,800 abutment area. More importantly, a acute bullish trend band with accepted abutment at $7,950 additionally provided abutment on the 4-hours blueprint of the BTC/USD pair. Finally, there was a bounce abreast the 50% Fib retracement akin of the aftermost leg from the $7,206 low to $8,500 high. As a result, the amount bounced back and confused aloft the $8,000 resistance. Additionally, bitcoin buyers succeeded in allowance a bearish trend band with attrition at $8,150. These all are absolute signs and indicates that the amount is placed in a bullish trend aloft the $7,900 and $7,700 abutment levels.
Looking at the chart, the amount may conceivably dip aback appear the trend band and the $7,900 support. Later, it is acceptable to animation aback and breach the $8,500 beat high. Above this, the abutting ambition for buyers could be abreast the $9,000 level.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is about to move aback in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently aloft the 50 level.
Major Support Level – $7,900
Major Resistance Level – $8,500
