THELOGICALINDIAN - Key Points
Bitcoin amount bootless to barter college this accomplished week. Currently, BTCUSD is adverse a lot of offers and looks assertive for a bottomward move.
Bitcoin Price – Sell with a break?
Bitcoin amount showed no signs that the beasts can avert the downside move, and traded beneath the $410 abutment area. If we attending at all above abstruse indicators, again there is hardly any assurance of the amount accepting traction. Looking at the alternate chart, there is an ascendance approach arrangement formed (data augment from Bitstamp), which may comedy a acute role in the abreast term.
The amount is currently trading abreast the approach abutment trend line, and the aftermost three alternate candles are cool bearish. It looks like the amount may breach the abutment breadth and barter abreast the aftermost beat low of $403. Recently, the upside was adjourned abreast the 50% Fib retracement akin of the aftermost bead from the $419 aerial to $403 low, suggesting that a concise alteration is over and the amount could face added losses.
On the upside, the 100 alternate simple affective boilerplate charcoal a above hurdle for the bulls. As continued as the amount is beneath it, the beasts may acquisition it adamantine to booty BTCUSD higher.
Looking at the abstruse indicators:
Hourly MACD – The alternate MACD is in the bearish zone, suggesting a downside move.
RSI (Relative Backbone Index) – The RSI is beneath the 50 levels, signaling seller’s strength.
Intraday Support Level – $403
Intraday Resistance Level – $412
Charts from Bitstamp; hosted by Trading View
