THELOGICALINDIAN - Key Points
Bitcoin amount is accepting backbone aloft the $7,100 akin adjoin the US Dollar. BTC/USD buyers are now targeting the $7,300 and $7,400 resistances.
Bitcoin Price Rise
This accomplished week, bitcoin amount bankrupt a major resistance area abreast the $6,775 akin adjoin the US Dollar. The BTC/USD brace traded aloft the $7,100 akin and after adapted lower. The amount adapted aback appear the burst attrition at $6,775, which acted as a support. Later, there was a beginning advancement move and the amount traded aloft the $6,900 and $7,000 level. There was a able abutting aloft the $7,000 akin and the amount is now able-bodied aloft the 100 simple affective boilerplate (4-hours).
During the rise, the amount austere the 76.4% Fib retracement akin of the aftermost abatement from the $7,135 aerial to $6,778 low. It opened the doors for added assets and the amount traded aloft the $7,135 high. Added importantly, it activated the 1.236 Fib addendum akin of the aftermost abatement from the $7,135 aerial to $6,778 low at $7,219. It indicates that the amount is now placed accurately in an uptrend aloft $7,000. On the downside, there is a above bullish trend band formed with abutment at $7,050 on the 4-hours blueprint of the BTC/USD pair. Therefore, dips abide accurate abreast $7,050 and $7,000.
Looking at the chart, BTC amount is acceptable to extend assets appear the $7,355 level. It is the 1.618 Fib addendum akin of the aftermost abatement and a key attrition zone. Above this, the abutting ambition for buyers could be $7,400.
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 now able-bodied aloft the 60 level.
Major Support Level – $7,000
Major Resistance Level – $7,355
