THELOGICALINDIAN - Key Points
Bitcoin amount is basic a nice bullish pattern, but currently adverse as a analytical attrition area, which holds the key for BTC/USD in the abreast term.
Bitcoin Price Resistance
Bitcoin amount afterwards a sharp fall from $780 to $540 managed to accretion bids, and again started to recover. During the upside move, it bankrupt the 38.2% Fib retracement akin of the aftermost bead from the $760 aerial to $540 low. It agency the backbone of the contempo move was excellent, and may alarm for added assets in the abreast term.
However, the amount is currently adverse a above hurdle on the upside about a bearish trend band formed on the 4-hours blueprint (data augment from Bitstamp) of BTC/USD. There are two added elements accumbent about the trend band resistance. First, the 100 simple affective average on the 4-hours chart, and the additional is the 61.8% Fib retracement akin of the aftermost bead from the $760 aerial to $540 low. Both forth with the trend band is acting as a above attrition breadth for BTC.
A breach aloft it could activate added gains. However, I anticipate there are affairs of a move bottomward in BTC as continued as it is beneath the 100 SMA (H4).
Looking at the abstruse indicators:
4-hours MACD – The MACD is in the bullish slope, but it is assuming signs of a move appear the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI aloof confused beneath the 50 level, which is a abrogating assurance for buyers.
Major Support Level – $620
Major Resistance Level – $680
Charts from Bitstamp; hosted by Trading View
