THELOGICALINDIAN - Key Points
Bitcoin amount is trading in a bullish area aloft $7,500 adjoin the US Dollar. BTC/USD has to move aloft $8,500 to extend assets in the abreast term.
Bitcoin Price Trend
This accomplished week, there was a aciculate upside move in bitcoin amount from the $6,800 beat low adjoin the US Dollar. The amount surged college and bankrupt many resistances on the way up such as $7,000 and $7,500. There was additionally a breach aloft the 38.2% Fib retracement akin of the aftermost abatement from the $9,025 beat aerial to $6,450 beat low, which is a absolute sign.
More importantly, there was a breach aloft a key bearish trend band with attrition at $7,600 on the 4-hours blueprint of the BTC/USD pair. The brace is now trading able-bodied aloft the $7,000 akin and the 100 simple affective average (4-hours). Furthermore, the amount acclimatized aloft the 61.8% Fib retracement akin of the aftermost abatement from the $9,025 beat aerial to $6,450 beat low. However, it is adverse a monster hurdle on the upside abreast the $8,500 level. It acted as a abutment beforehand and the declared $8,500 will best acceptable anticipate upsides in the abreast term. If BTC buyers accomplish in blame the amount aloft the $8,500 level, there could be a analysis of the aftermost beat aerial abreast $9,025.
Looking at the chart above, the brace is positioned accurately aloft the $7,500 axis level. It may abide to barter college if it succeeds in allowance the $8,500 barrier. On the downside, supports are arresting abreast $7,800, $7,600 and $7,500.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is placed accurately with absolute signs.
4-hours RSI (Relative Strength Index) – The RSI is currently able-bodied aloft the 60 level.
Major Support Level – $7,500
Major Resistance Level – $8,500
