itcoin value is gaining pace against the United States dollar and alternative cryptocurrencies, and currently BTC/USD is set for a run towards the $3500 level.
Key Points
Bitcoin value overcame all odds of the laborious Fork and moved to a brand new high of $3328 against the North American country greenback.
There is a monster optimistic line with support at $2800 forming on the 4-hours chart of BTC/USD (data feed from SimpleFX).
The price is presently moving lower, however remains well supported close to $3120 and $3000.
Bitcoin value is gaining pace against the North American country greenback and different cryptocurrencies, and currently BTC/USD is ready for a run towards the $3500 level.
Bitcoin value Rise
Bitcoin value was fraught this past week thanks to the laborious Fork and consolidated close to $2700 against the North American country greenback. Later, the worth overcame all odds of the laborious Fork and moved to a brand new uncomparable high of $3328. the worth listed with plenty of positive bias higher than $2500. It poor several hurdles on the far like the $3000 and $3100 levels. the foremost vital break was higher than the $2920 pivot, that opened the doors for additional gains.
The price listed as high as $3328 and presently placed well higher than the one hundred straightforward moving average (H4). A correction wave was initiated recently and therefore the value is mercantilism close to $3220. On the draw back, associate degree initial support is round the twenty three.6% Fib retracement level of the last wave from the $2644 low to $3328 high. However, the possibilities of any major declines ar restricted as long because the value is higher than $3000.
The 50% Fib retracement level of the last wave from the $2644 low to $3328 high and also the $2950 level could act as a powerful support. the worth is probably going to continue higher and would possibly before long break the $3300 level for a run towards $3500.
Looking at the technical indicators:
4-hours MACD The MACD is powerfully placed within the optimistic zone.
4-hours RSI (Relative Strength Index) The RSI is presently within the overbought zone.
Major damage $3000
Major Resistance Level $3300