THELOGICALINDIAN - Bitcoin amount acquired bullish drive afresh aloft 5000 adjoin the US Dollar BTC is afterward a solid uptrend and it is acceptable to ascend appear the 5400 and 5600 levels
Bitcoin Price Weekly Analysis (BTC)
This accomplished week, bitcoin started a strong rise afterwards it bankrupt the $4,200 attrition amount adjoin the US Dollar. The BTC/USD brace climbed aloft abounding attrition levels, including $4,400, $4,600 and $4,800. Buyers were alike acknowledged in a breach aloft $5,000, additional a abutting aloft the 100 simple affective boilerplate (4-hours). The amount traded aloft the $5,200 akin and a new 2019 aerial was formed at $5,358. Later, the amount started a downside alteration and traded beneath $5,200 and $5,000.
There was a breach beneath the 50% Fib retracement akin of the aftermost beachcomber from the $4,128 low to $5,358 high. However, the abatement was bound and the amount begin abutment abreast the $4,750 level. The 50% Fib retracement akin of the aftermost beachcomber from the $4,128 low to $5,358 aerial additionally acted as a able support. Recently, the amount started a beginning access and confused aloft the $5,000 and $5,100 attrition levels, which is a absolute sign.
At the outset, there is a cogent ascendance approach formed with abutment at $4,900 on the 4-hours blueprint of the BTC/USD pair. The brace is acceptable to continue higher back it afresh bankrupt the $5,060 attrition level. To the topside, the amount is acceptable to breach the $5,358 high. The abutting stop could be $5,400, aloft which bitcoin is acceptable to billow appear the $5,600 attrition akin in the abreast term.
Looking at the chart, BTC amount is acutely trading in a solid uptrend aloft the $4,900 abutment area. If there is a downside addendum beneath $4,900, the amount ability revisit the $4,750 abutment level. The abutting above abutment is at $4,500, area buyers are acceptable to booty a stand. In the short, there could be ambit moves afore the amount climbs appear the $5,400 or $5,600 level.
Technical indicators
4 hours MACD – The MACD for BTC/USD is about to move into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is placed able-bodied aloft the 55 level.
Major Support Level – $4,900
Major Resistance Level – $5,400
