THELOGICALINDIAN - Key Points
Bitcoin amount remained beneath a bearish burden this accomplished anniversary against the US Dollar, and now BTC/USD is abutting a above resistance.
Bitcoin Price Resistance
Bitcoin amount after trading in a range against the US Dollar aloft the $600 akin for some time begin sellers and confused down. There was a aciculate downside reaction, demography the amount appear $580 area somehow the beasts appeared. The amount traded as low as $581 and currently acclimation higher. It is now aloft the 38.2% Fib retracement akin of the aftermost bead from the $613 aerial to $581 low.
So, there is a adventitious that the amount may abide to move higher. However, there is a monster attrition cat-and-mouse for the beasts on the upside at $605-10 levels. There is a acute bearish trend band formed on the 4-hours blueprint (data augment from SimpleFX) of BTC/USD. Moreover, the 100 simple affective average (H4 chart) is additionally about the aforementioned trend band resistance. Last, but not the least, the 76.4% Fib retracement akin of the aftermost bead from the $613 aerial to $581 low is additionally positioned about the aforementioned resistance.
We can say that there is a above barrier at $605-10 area the buyers may struggle. One may alike accede affairs abreast it with a stop of $2-3.
Looking at the abstruse indicators:
4-hours MACD – The MACD is currently attempting to break in the bullish zone, but there is hardly any momentum.
4-hours RSI (Relative Strength Index) – The RSI is aloof about the 50 level, cat-and-mouse for the abutting move.
Major Support Level – $595
Major Resistance Level – $610
Charts address – SimpleFX
