THELOGICALINDIAN - Bitcoin amount is assuming a lot of absolute signs aloft 11600 adjoin the US Dollar BTC could abide to accretion drive already it clears the key 12500 attrition area
Bitcoin Price Weekly Analysis (BTC)
This accomplished week, bitcoin amount traded college acutely aloft the $11,000 and $12,000 resistances adjoin the US Dollar. The BTC/USD brace alike acquired backbone aloft the $13,000 akin and traded abutting to the $14,000 level. A new 2019 aerial was formed abreast $13,875 and after the amount started a aciculate downside correction. There was a aciculate dip beneath the $12,000 and $11,000 level.
Moreover, the amount traded abutting to the $10,000 akin and the 100 simple affective boilerplate (4-hours). Finally, the $10,400 akin acted as a able abutment and the amount backward able-bodied aloft the 100 SMA. A beat low was formed abreast $10,310 and the amount afresh started a beginning increase. It traded aloft the 50% Fib retracement akin of the contempo abatement from the $13,875 aerial to $10,310 low.
In addition, bitcoin amount managed to achieve aloft the $12,000 level. Added importantly, there is a aloft application triangle basic with attrition abreast $12,300 on the 4-hours blueprint of the BTC/USD pair. The 61.8% Fib retracement akin of the contempo abatement from the $13,875 aerial to $10,310 low is abreast the $12,500 level. Therefore, an upside breach aloft the $12,400 and $12,500 levels is bare for added gains.
Once there is a abutting aloft the $12,500 level, the amount may advance aloft the $12,800 and $13,000 levels. The abutting key attrition is abreast the $13,300 level, followed by $13,650.
On the downside, there is a able abutment basic abreast the $12,000 level. If the amount fails to breach the $12,500 resistance, it could actual lower. An actual abutment is abreast the $11,600 level, beneath which bitcoin could barter appear the $11,200 support.
Looking at the chart, bitcoin amount is acutely advancing for the abutting breach either aloft $12,500 or beneath $12,000. There are aerial affairs of an upside breach aloft $12,500. If not, the amount could retest $11,200 afore a beginning increase.
Technical indicators
4 hours MACD – The MACD for BTC/USD is boring affective aback in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloof aloft the 50 level.
Major Support Level – $12,000
Major Resistance Level – $12,500
