THELOGICALINDIAN - Key Points
Bitcoin amount afterwards a billow appear $2700 adjoin the US Dollar adapted lower, but these dips in BTC/USD are adequate by a above abutment area.
Bitcoin Price Buy Dips?
In the aftermost account analysis, I mentioned that the overall trend is bullish with affairs of a move aloft $2100 in Bitcoin amount adjoin the US Dollar. There was no endlessly the price, as it climbed aloft $2100, $2400 and alike $2500. It traded as aerial as $2684 area it faced sellers and started a downside move. First, it austere the 23.6% Fib retracement akin of the aftermost beachcomber from the $1664 low to $2684 high. It alleged for the alpha of a alteration beneath $2500.
The amount dived acutely and alike bankrupt the $2200 support. The best important breach was beneath the 50% Fib retracement akin of the aftermost beachcomber from the $1664 low to $2684 high. However, the downside move was prevented by the aftermost week’s accent important bullish trend curve with abutment at $2024 and $1800 on the 4-hours blueprint of BTC/USD. These trend curve are acting as a monster abutment aloft $1800.
The amount additionally struggled to abutting beneath the 100 simple affective average (H4) at $1988. These are absolute signs, and agency the amount is aloft a aloft abutment at $1800. As continued as there is no circadian abutting beneath $1800, we may see a aciculate accretion aloft $2150 and $2200 in the abreast term.
Looking at the abstruse indicators:
4-hours MACD – The MACD is currently in the bearish zone, but recovering.
4-hours RSI (Relative Strength Index) – The RSI is branch college from the oversold levels.
Major Support Level – $1800
Major Resistance Level – $2200
Charts address – SimpleFX
