THELOGICALINDIAN - Key Points
Bitcoin amount recovered accurately this accomplished anniversary aloft $7,000 adjoin the US Dollar. However, BTC/USD is currently adverse attrition and is acclimation lower appear $7,100.
Bitcoin Price Trend and Resistance
There was a apathetic and abiding upside move aloft $6,500 bitcoin amount adjoin the US Dollar. The amount managed to move aloft a brace of important attrition levels such as $7,000 and $8,000. However, the upside move was protected by a aloft attrition at $8.900. BTC amount bootless to move aloft the $8,900 and $9,000 attrition levels, and started a downside move.
More importantly, there is a acute bearish trend band basic with accepted attrition at $8,200 on the 4-hours blueprint of the BTC/USD pair. The trend band attrition acted as a monster barrier abreast $8,900 and prevented added gains. The brace is currently acclimation lower and it has confused beneath $8,100. Moreover, the amount beneath beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $5,816 low to $8,941 high. It seems like the amount may actual added lower appear the $7,400 level.
The best important abutment is abreast the 50% Fib retracement akin of the aftermost beachcomber from the $5,816 low to $8,941 high. On the upside, the amount has to move aloft the trend band and attrition at $8,200 to accretion upside momentum. On the downside supports are $7,400, $7,200 and $7,100.
Looking at the abstruse indicators:
4-hours MACD – The MACD is currently abbreviation its bullish slope.
4-hours RSI (Relative Strength Index) – The RSI has aloof confused beneath the 50 level, which is a abrogating sign.
Major Support Level – $7,100
Major Resistance Level – $8,200
Charts address – SimpleFX
