THELOGICALINDIAN - Key Points
Bitcoin amount is affective in a bullish area aloft $7,200 adjoin the US Dollar. BTC/USD may conceivably bright the $7,800 attrition to jump aloft $8,000 in the abreast term.
Bitcoin Price Resistance
This accomplished week, bitcoin amount mostly traded in a range aloft the $7,000 handle adjoin the US Dollar. The best allotment was the actuality that the amount backward aloft the $7,200 and $7,400 abutment levels. There was additionally a breach and abutting aloft the 23.6% Fib retracement akin of the aftermost bead from the $8,613 aerial to $7,050 beat low. There are absolute signs, but there is a acute barrier about the $7,800 level.
However, the upside move is capped by the $7,780 and $7,800 levels. More importantly, there is a key bearish trend band in abode with attrition at $7,750 on the 4-hours blueprint of the BTC/USD pair. The 50% Fib retracement akin of the aftermost bead from the $8,613 aerial to $7,050 beat low is additionally about the trend line. Therefore, there is a major hurdle basic for buyers aloof about $7,800. A breach and abutting aloft $7,800 may conceivably bright the aisle for a advance aloft the $8,000 level.
Looking at the chart, the amount is mostly trading in a ambit with a bearish bend beneath $7,500. If sellers accretion ascendancy and advance the amount beneath $7,200, there could be a bearish acknowledgment in the abbreviate term.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is mostly collapsed in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is aloof beneath the 50 level.
Major Support Level – $7,200
Major Resistance Level – $7,800
