THELOGICALINDIAN - Key Points
Bitcoin amount is currently beneath $2600 adjoin the US Dollar, and it looks like BTC/USD may abatement added and barter appear the $2320-2300 support.
Bitcoin Price Resistance
It seems like Bitcoin amount is finding it adamantine to break the $2800 attrition adjoin the US Dollar. The amount activated the declared attrition on a few occasions, but bootless to breach it. There was a abatement appear $2050 from area the amount recovered able-bodied and surged aloft $2500. However, the amount already afresh struggled to breach the $2750-2800 attrition and confused down.
Actually, there is a crumbling bearish trend band with attrition at $2680 basic on the 4-hours blueprint of BTC/USD. It is acting as a behemothic attrition and preventing added assets aloft $2800. The 100 simple affective boilerplate (H4) is additionally beneath the trend band at $2620. So, we can say there are many hurdles on the way up for BTC abreast $2700 and $2800. It is already afresh trading lower and already breached the 23.6% Fib retracement akin of the aftermost beachcomber from the $2043 low to $2774 high.
So, there are affairs of added declines, and the amount is acceptable to analysis the $2320 support. An average abutment is at 50% Fib retracement akin of the aftermost beachcomber from the $2043 low to $2774 aerial at $2408. On the downside, there is a abutting bullish trend band at $2250. It agency if the amount dips, buyers may booty a angle abreast $2320-2250.
Looking at the abstruse indicators:
4-hours MACD – The MACD has started affective into the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently abreast the oversold readings.
Major Support Level – $2320
Major Resistance Level – $2700
Charts address – SimpleFX
