THELOGICALINDIAN - Key Points
Bitcoin amount is aback in a bullish trend aloft $8,000 adjoin the US Dollar. BTC/USD will best acceptable extend assets aloft $9,000 in the abreast term.
Bitcoin Price Support
This accomplished week, there was a solid abutment abject formed abreast $7,800 in bitcoin amount adjoin the US Dollar. The amount started an upside move and broke the $8,500 resistance. It was a above move that pushed the amount in a bullish beachcomber appear the $9,000 level. It traded as aerial as $9,080 afore sellers appeared. Later, a accessory downside alteration was accomplished beneath $9,000.
BTC amount activated the 23.6% Fib retracement akin of the aftermost beachcomber from the $7,828 low to $9,080 high. However, the downside move seems to be bound by the $8,700 level. There is additionally a abutting bullish trend band basic with abutment at $8,650 on the 4-hours blueprint of the BTC/USD pair. Moreover, the 38.2% Fib retracement akin of the aftermost beachcomber from the $7,828 low to $9,080 aerial is at $8,602. Therefore, there are many supports on the way bottomward up to $8,600. Furthermore, the antecedent attrition at $8,500 may conceivably act as a able support.
Looking at the chart, there is a cogent uptrend in abode aloft the $8,500 support. Once the accepted alteration appearance is over, the amount will best acceptable animation aback appear $9,000. Aloft the declared $9,000, the amount could alike analysis the al-important $10,000 level.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is hardly in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is affective lower from the 80 level.
Major Support Level – $8,500
Major Resistance Level – $9,000
