THELOGICALINDIAN - Key Points
Bitcoin amount is currently testing a aloft attrition abreast $8,400 adjoin the US Dollar. BTC/USD could advance college already there is a able abutting aloft $8,400.
Bitcoin Price Upside Barrier
This accomplished week, there were added downsides from able-bodied aloft $8,500 in bitcoin amount adjoin the US Dollar. The amount confused bottomward and bankrupt the $8,200 abutment level. There was alike a fasten beneath the $8,000 axis akin afore a low was formed at $7,940. Later, the amount started an upside alteration and succeeded in affective aloft the $8,000 axis level.
There was additionally breach aloft the 23.6% Fib retracement akin of the aftermost bead from the $8,884 aerial to $7,940 low. However, there is a acute barrier on the upside abreast $8,300-8,400, which is preventing added gains. Added importantly, there is a monster bearish trend band basic with attrition at $8,300 on the 4-hours blueprint of the BTC/USD pair. Furthermore, the 50% Fib retracement akin of the last drop from the $8,884 aerial to $7,940 low is additionally abutting to the $8,400 level. Therefore, a breach and abutting aloft the $8,400 attrition is bare for added assets in BTC. The abutting attrition aloft $8,400 sits abreast the $8,800 axis level.
Looking at the chart, the amount seems to be abutting a key breach aloft $8,400. If buyers abort to advance the amount aloft the mentioned resistance, there could be a downside acknowledgment aback appear $8,000.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is currently abiding in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently aloof beneath the 50 level.
Major Support Level – $8,000
Major Resistance Level – $8,400
