THELOGICALINDIAN - Key Points
Bitcoin amount has started a downside move afterwards declining abreast $1180 on abounding occasions adjoin the US Dollar, and BTC/USD now could extend losses.
Bitcoin Price to Lose Ground?
This accomplished anniversary we saw a decline in BTC amount due to the U.S. Securities and Exchange Commission’s adjudication on the Bitcoin ETF request. The amount confused down, but was apparent after convalescent aloft $1050. However, there were abounding attempts by the amount to achieve aloft $1200. It bootless every time to achieve aloft the $1180 and $1200 levels. As a result, a abatement was accomplished in Bitcoin price. It confused bottomward beneath $1050, and acclimatized beneath the declared level.
I anticipate the best important abutting was beneath $1100. It is a above pivot, and a acute support. So, a abutting beneath $1100 is a bearish sign, and ability alarm for added losses in the abreast term. The amount eve traded beneath $1000 recently, and currently recovering. On the upside, an antecedent attrition is abreast 38.2% Fib retracement akin of the aftermost abatement from the $1172 aerial to $936 low.
There is additionally a bearish band on the 4-hours blueprint (data augment from SimpleFX) of BTC/USD with attrition abreast $1100. The best important hurdle is abreast the 50% Fib retracement akin of the aftermost abatement from the $1172 aerial to $936 low. So, affairs rallies may be advised in the abreast term.
Looking at the abstruse indicators:
4-hours MACD – The MACD is now able-bodied into the bearish slope.
4-hours RSI (Relative Strength Index) – The RSI is able-bodied beneath the 50 level, and suggesting bearish signs.
Major Support Level – $980
Major Resistance Level – $1075
Charts address – SimpleFX
