THELOGICALINDIAN - Key Points
Bitcoin amount burst this accomplished anniversary vs the USD due to Chinese exchanges pausing withdrawals. It looks like BTC/USD may abatement further.
Bitcoin Price beneath Pressure
This accomplished anniversary there was a strong downside move accomplished in Bitcoin amount demography it beneath the $1000 akin adjoin the US Dollar. The capital acumen was the PBOC’s admonishing to Chinese Bitcoin exchanges, which resulted in abeyance of withdrawals temporarily. The BTC to USD amount dived down, and bankrupt the $1050 and $1000 abutment levels to barter as low as $916.
However, the amount after begin abutment and started a recovery. It confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $1114 aerial to $916 low. However, the upside seems to be bound abreast $995 and $1000. There is a concise bearish trend band formed on the 4-hours blueprint (data augment from SimpleFX) of BTC/USD. It is acting as a barrier abreast $995, and preventing gains.
There are a few added hurdles about the aforementioned level. Like, the 100 simple affective boilerplate (H4) at $998 is positioned to act as a resistance. Moreover, the 38.2% Fib retracement akin of the aftermost abatement from the $1114 aerial to $916 low is additionally abreast the aforementioned resistance. All in all, it looks like the amount may attempt to move aback aloft $1000. If there is no abutting aloft it, the amount may move bottomward already afresh appear $950.
Looking at the abstruse indicators:
4-hours MACD – The MACD is in the bearish area with no above assurance of a trend change.
4-hours RSI (Relative Strength Index) – The RSI is abiding beneath the 50 level, which is a bearish sign.
Major Support Level – $950
Major Resistance Level – $1000
Charts address – SimpleFX
