THELOGICALINDIAN - Key Points
Bitcoin amount is placed accurately in an uptrend aloft $7,000 adjoin the US Dollar. BTC/USD is eyeing the abutting breach either aloft $7,600 or beneath $7,240.
Bitcoin Price Range Pattern
This accomplished week, there was a major upside move aloft the $6,800 attrition in bitcoin amount adjoin the US Dollar. The BTC/USD brace jumped aloft the $7,000 and $7,200 attrition levels to accretion traction. It alike acicular aloft the $7,500 attrition and traded as aerial as $7,672. Later, the amount started trading in a ambit beneath the $7,650 attrition breadth and is currently advancing for the abutting move.
The amount afresh activated the 23.6% Fib retracement akin of the aftermost beachcomber from the $6,079 low to $7,672 high. However, declines were bound and the amount remained able-bodied accurate aloft the $7,250 level. It seems like there is a key ambit basic with attrition abreast $7,600 and abutment at $7,240. Should there be a breach beneath the $7,240 support, the amount could abatement appear the abutting abutment at $7,000. Moreover, there is a above bullish trend band basic with abutment at $7,000 on the 4-hours blueprint of the BTC/USD pair. Around the trend line, the 50% Fib retracement akin of the aftermost beachcomber from the $6,079 low to $7,672 aerial is additionally a strong support.
Looking at the chart, the amount is best acceptable to breach the $7,600 attrition for added assets appear $8,000 and $8,500. In the additional case, dips abide able-bodied accurate abreast the $7,240 and $7,000 levels.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is abbreviation its bearish abruptness with bullish signs.
4-hours RSI (Relative Strength Index) – The RSI is able-bodied aloft the 50 level.
Major Support Level – $7,000
Major Resistance Level – $7,600
