THELOGICALINDIAN - Key Points
Bitcoin amount afterwards a above downside move appear $820 adjoin the US Dollar started recovering. Can BTC/USD affected the $980 attrition again?
Bitcoin Price Resistance
We saw this accomplished anniversary how Bitcoin amount made a new best high adjoin the US Dollar to barter aloft the $1150 mark. Later, there was a solid downside move, demography the amount lower by added than 20%. The amount fell beneath the $1000 akin and traded as low as $823 (data augment from SimpleFX). The amount started affective college already again, and confused aloft the 23.6% fib retracement akin of the aftermost abatement from the $1302 aerial to $823 low.
However, the amount is now abutting a monster attrition breadth of $960-980. The aforementioned breadth was a attrition earlier, and may now already afresh attack to stop the upside move. Moreover, the 100 simple affective boilerplate is additionally about the aforementioned assemblage resistance area abreast $975. Lastly, the 38.2% fib retracement akin of the aftermost abatement from the $1302 aerial to $823 low is additionally cat-and-mouse to act as a attrition on the upside.
So, if the BTC buyers accept to booty ascendancy already again, they charge to advance the amount aback aloft the $980 attrition at least. However, a circadian abutting aloft $1000 is bare for added assets in the abreast term. Else, there is a adventitious of a downside acknowledgment one added time.
Looking at the abstruse indicators:
4-hours MACD – The MACD is aback in the bearish zone
4-hours RSI (Relative Strength Index) – The RSI is currently attempting to breach the 50 akin appear the upside, which is a absolute sign.
Major Support Level – $900
Major Resistance Level – $980
Charts address – SimpleFX
