THELOGICALINDIAN - Key Points
Bitcoin amount is positioned accurately in a bullish area aloft $6,550 adjoin the US Dollar. BTC/USD is acceptable to barter appear the $6,900 and $7,000 levels in the abreast term.
Bitcoin Price Trend
This accomplished week, there was a solid support formed abreast the $6,220 akin in bitcoin amount adjoin the US Dollar. The BTC/USD brace started an upside move and traded aloft the $6,420 and $6,550 attrition levels. There was additionally a abutting aloft the $6,550 akin and the 100 simple affective boilerplate (4-hours). The amount climbed aloft the $6,650 akin and is currently trading in a bullish zone.
It traded abutting to the $6,800 akin and was apparent disturbing abreast the $6,780-6,800 zone. Should there be a breach and abutting aloft $6,800, the amount is acceptable to advance appear the $6,900 and $7,000 levels in the abreast term. Aloft $7,000, the amount could alike analysis the $7,200 level. On the downside, an antecedent abutment is abreast the 23.6% Fib retracement akin of the aftermost beachcomber from the $6,229 low to $6,789 high. Moreover, there is a acute bullish trend line in abode with abutment at $6,650 on the 4-hours blueprint of the BTC/USD pair. Therefore, it seems like there is a appropriate support` formed abreast $6,650.
Looking at the chart, BTC amount is positioned accurately in a bullish area aloft the $6,550 support. As continued as there is no abutting beneath $6,550 and $6,500, the amount ability abide to ascend higher.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is hardly placed in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now able-bodied aloft the 50 level.
Major Support Level – $6,550
Major Resistance Level – $6,800
