THELOGICALINDIAN - Bitcoin amount is accepting bullish drive adjoin the US Dollar BTC is acceptable to advance college already afresh as continued as it is aloft the 7200 level
Bitcoin Price Analysis
After basic a able abutment abreast the $7,120, bitcoin amount started a nice advancement move adjoin the US Dollar. The amount rallied aloft the $7,300 and $7,400 attrition levels.
Moreover, there was a abutting aloft $7,300 and the 100 alternate simple affective average. Finally, the amount acicular aloft the $7,500 level, but it bootless to abide higher.
A aerial was formed abreast $7,531 afore the amount beneath heavily. Bitcoin akin best assets and beneath beneath the $7,400 level. Additionally, the amount traded appear the $7,300 akin and a low is formed abreast $7,305.
The amount is currently affective college and trading aloft $7,340. Besides, it is abreast the 23.6% Fib retracement akin of the contempo abatement from the $7,531 aerial to $7,305 low.
On the upside, there are abounding hurdles starting with the $7,400 level. More importantly, the 50% Fib retracement akin of the contempo abatement from the $7,531 aerial to $7,305 low is abreast the $7,420 akin to stop the advancement move.
The main attrition is still abreast the $7,500 level, aloft which bitcoin amount is acceptable to advance higher. In the mentioned case, the abutting stop for the beasts could be abreast the $7,680 and $7,700 levels.
Conversely, the amount ability abide to attempt abreast $7,400 and $7,420. On the downside, an antecedent abutment is abreast the $7,325 level. There is additionally a above bullish trend band basic with abutment abreast $7,325 on the alternate blueprint of the BTC/USD pair.
Looking at the chart, bitcoin amount is assuming a lot of absolute signs aloft the $7,300 level. Therefore, the amount is acceptable to abide college appear $7,500 and $7,700 unless the bears are able to advance the amount beneath the $7,200 support.
Technical indicators:
Hourly MACD – The MACD is boring abbreviation its bearish slope.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now aloft the 50 level, with absolute signs.
Major Support Levels – $7,325 followed by $7,200.
Major Resistance Levels – $7,400, $7,420 and $7,500.
