THELOGICALINDIAN - Key Points
Bitcoin amount afresh adapted already adjoin the US Dollar, but it looks like the BTC/USD brace may actual added appear the $680 level.
Bitcoin Price Resistance
BTC amount acquired afresh to barter as aerial as $758 adjoin the US Dollar area it found sellers and confused down. The downside move was sharp, and took the amount appear the $665 level. Afterwards, there was a alteration accomplished during which the amount traded aloft the 50% Fib retracement akin of the aftermost bead from the $758 aerial to $665 low.
However, the beachcomber bootless and could not accretion momentum. There was a bounce about the 76.4% Fib retracement akin of the aftermost bead from the $758 aerial to $665 low. So, it looks like the amount fabricated a higher-low and angry down. It afresh bankrupt a bullish trend band formed on the 4-hours blueprint (data augment from SimpleFX) of BTC/USD. It can be advised as a assurance of added losses in the abbreviate term. The best important point is the actuality that the amount additionally traded beneath the 100 simple affective boilerplate on the aforementioned chart.
It looks like the amount may extend the accepted downside to analysis the 200 simple affective boilerplate (H4) at $680-85. It is area the BTC buyers may arise and try to avert the downside move. If you are planning to advertise in the abbreviate term, again accede it abreast the 100 simple affective boilerplate with a bound stop for a move appear $690-88.
Looking at the abstruse indicators:
4-hours MACD – The MACD has aloof confused into the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is able-bodied beneath the 50 level, signaling weakness.
Major Support Level – $685
Major Resistance Level – $715
Charts address – SimpleFX
