THELOGICALINDIAN - Key Points
Bitcoin amount bootless to barter appear $700 adjoin the US Dollar, and it looks like the amount is ambience up for a abatement affective ahead.
Bitcoin Price Sell?
Bitcoin amount this accomplished anniversary traded appear the $685 level adjoin the US Dollar, but bootless to absorb the bullish bias, and started to barter down. It bankrupt the 23.6% Fib retracement akin of the aftermost beachcomber from the $606 low to $682 high, which opened the gates for added declines in the abbreviate term.
Furthermore, during the downside move, the BTC/USD brace bankrupt a brace of important abutment area. First, there were a brace of bullish trend curve formed on the 4-hours blueprint (data augment from Bitstamp) of BTC/USD. Second, the amount bankrupt beneath the 100 simple affective boilerplate on the aforementioned chart. So, we can say there are abundant signs on the blueprint suggesting the amount is beneath a bearish pressure.
Currently, the amount is award abutment abreast the 50% Fib retracement akin of the aftermost beachcomber from the $606 low to $682 high. A break and abutting beneath it could burn a move appear the $630 level. Any added declines may alike booty the amount appear the abutting above abutment of $620.
Looking at the abstruse indicators:
4-hours MACD – The MACD is in the bearish slope, which is a bearish assurance for BTC.
4-hours RSI (Relative Strength Index) – The RSI is able-bodied beneath the 50 level, pointing appear the bulk of bearish burden on BTC.
Major Support Level – $630
Major Resistance Level – $660
Charts address – SimpleFX
