THELOGICALINDIAN - Key Points
Bitcoin amount fabricated a aciculate downside move afterwards the SEC adumbrate on ETF, but is this abatement in BTC/USD absolute or fake?
Bitcoin Price Downside Move and ETF Decision
There was a above accident lined up recently, as the U.S. Securities and Exchange Commission appear their adjudication to account the Bitcoin ETF. They absitively against, and banned the request, which produced a aciculate downside move in Bitcoin price. The BTC/USD brace was beforehand apparent trading abutting to $1200, but afterwards the decision, the amount declined. A new downside beachcomber was initiated, as the amount confused from the $1184 aerial to the $1061 low.
The contempo bounce abreast $1184 was crucial, as a bearish band on the 4-hours blueprint (data augment from SimpleFX) of BTC/USD acted as a hurdle. The amount additionally confused beneath the 100-hourly simple affective boilerplate (H4) at $1157. However, the aciculate downside move begin abutment abreast $1060, and the amount recovered. The amount has already confused aloft the 50% Fib retracement akin of the aftermost abatement from the $1184 aerial to $1061.
At the moment, the amount is attempting to move accomplished the 76.4% Fib retracement akin of the aftermost abatement from the $1184 aerial to $1061. If that happens, the amount could arch aloft the accent bearish trend line. However, a breach won’t be easy, but no doubt, the amount has recovered able-bodied and the abatement looks fake.
Looking at the abstruse indicators:
4-hours MACD – The MACD has bargain best of its bearish slope, which is a absolute sign.
4-hours RSI (Relative Strength Index) – The RSI is attempting to move aback aloft the 50 level.
Major Support Level – $1100
Major Resistance Level – $1185
Charts address – SimpleFX
