THELOGICALINDIAN - Key Points
Bitcoin amount traded absolutely this accomplished anniversary against the US dollar, and currently the BTC/USD brace is eyeing a above downside move.
Bitcoin Price Trend Line Support
There was a nice upside move in BTC amount this accomplished week, as it confused appear the $780 akin adjoin the US Dollar. However, the BTC buyers were not able to absorb the bullish bias, and as a result, there was a downside move. The amount confused beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $684 low to $785 aerial to admit a downside move.
The best important point is the actuality that the amount confused beneath a bullish trend band formed on the 4-hours blueprint (data augment from SimpleFX of BTC/USD. At the moment, the amount is trading abreast addition bullish trend line. It holds a lot of amount in the abbreviate term, as it is positioned with the 50% Fib retracement level of the aftermost beachcomber from the $684 low to $785 high. If there is a breach and abutting beneath the trend band abutment area, it may access the downside pressure.
The aftermost 2-3 candles are negative, and pointing that the sellers attempting to breach the trend band support. So, the affairs of a downside move are more. On the added hand, if there is a bounce, again the brace may claiming the aftermost beat aerial already more. So, one may accede trading with a breach or a rejection.
Looking at the abstruse indicators:
4-hours MACD – The MACD is currently in the bearish zone, and not assuming added bearish signs.
4-hours RSI (Relative Strength Index) – The RSI has confused beneath the 50 level, which is a bearish sign.
Major Support Level – $730
Major Resistance Level – $750
Charts address – SimpleFX
