THELOGICALINDIAN - Key Points
Bitcoin amount fabricated a nice downside move afresh beneath $950 adjoin the US Dollar, and now BTC/USD could extend declines in the abreast term.
Bitcoin Price Resistance and Barriers
This accomplished week, I mentioned that BTC amount might anon amplify declines adjoin the US Dollar. The amount did move down, and bankrupt a brace of supports like $1020 and $1000. The amount traded as low as $888 from area there was a accessory alteration initiated. The amount beneath in a able declivity with 3-waves from $1140. First, there was a abatement to $950, and again a alteration appear $1120. Now, the amount beneath in the third beachcomber beneath the $940 akin appear $888.
At the moment, the amount is acclimation higher, and already confused aloft 23.6% Fib retracement akin of the aftermost abatement from the $1119 aerial to $888 low. However, there are abounding resistances cat-and-mouse on the upside abreast $1004 and $1040. First, the 50% Fib retracement akin of the aftermost abatement from the $1119 aerial to $888 low is at $1004. Then, there are two bearish trend curve abreast $1040-1060 on the 4-hours blueprint (data augment from SimpleFX) of BTC/USD. Also, the 100 simple affective boilerplate (4H) is about the aforementioned trend band resistance abreast $1040.
So, we can say that there is a above attrition formed abreast $1040-50 area one ability accede affairs if the amount moves higher.
Looking at the abstruse indicators:
4-hours MACD – The MACD is now able-bodied placed into the bearish slope.
4-hours RSI (Relative Strength Index) – The RSI is acclimation higher, but charcoal beneath the 50 level.
Major Support Level – $900
Major Resistance Level – $1050
Charts address – SimpleFX
