THELOGICALINDIAN - Key Points
Bitcoin amount beneath acutely beneath $3000 adjoin the US Dollar afore recovering. BTC/USD now faces abounding hurdles abreast $3900-4000 for added recoveries.
Bitcoin Price Upside Hurdle
This accomplished week, we saw a major decline in Bitcoin amount from the $4400 beat aerial adjoin the US Dollar. The amount confused and confused beneath the $3500 and $3000 abutment levels. A low was formed at $2965 from area a accretion was initiated. The amount confused aloft the 38.2% Fib retracement akin of the aftermost abatement from the $4370 aerial to $2965 low. However, the upside move was capped abreast the $3800-3900 levels.
It seems like the 4-hours blueprint of BTC/USD is actual agnate to the 4-hours blueprint of ETH/USD because the anatomy and resistances. The BTC/USD brace bootless to breach the 61.8% Fib retracement akin of the aftermost abatement from the $4370 aerial to $2965 low. On the upside, there are two aloft bearish trend curve basic with attrition abreast $3900-4000 on the 4-hours chart. These trend curve are key and it won’t be accessible for the amount to move aloft $4000.
Moreover, the 100 simple affective boilerplate (H4) is positioned abreast $4230 to act as a monster resistance. As continued as the amount is beneath the $4000 level, there is a adventitious of addition accessory dip. On the downside, the $3500 and $3200 levels are important barriers for sellers.
Looking at the abstruse indicators:
4-hours MACD – The MACD has about bargain the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently aloof beneath the 50 level.
Major Support Level – $3500
Major Resistance Level – $4000
Charts address – SimpleFX
