THELOGICALINDIAN - Key Points
Bitcoin amount afterwards declining to move college confused down. Can it achieve beneath $400 and arch bottomward for added losses in the abreast term?
Bitcoin Price- More Losses Ahead?
Bitcoin amount struggled a lot this accomplished anniversary and bootless to move higher. There is a above attrition breadth formed abreast $420-425 levels, which is acting as a monster hurdle for added gains. There is a bearish trend line formed on the 4-hours blueprint (data augment from Bitstamp), which is accumbent about the declared attrition breadth to arrest an upside move. The amount confused beneath the 23.6% Fib retracement akin of the aftermost leg from the $382 low to $421 high, suggesting the beasts are affective away.
Moreover, the 100 simple affective boilerplate on the 4-hours blueprint is additionally aloft the accepted amount is abreast the accent trend band and attrition area. Overall, it looks like there is a above barrier formed abreast $420-425 and it won’t be accessible for the beasts to booty ascendancy and breach the accent attrition area.
There is a adventitious that the amount moves bottomward from the accepted levels and alike analysis the 50% Fib retracement akin of the aftermost leg from the $382 low to $421 aerial at $400. A breach beneath it may alarm for added losses affective ahead.
Looking at the abstruse indicators:
4-hours MACD – The MACD is in the bearish slope, and suggesting a downside move.
4-hours RSI (Relative Strength Index) – The RSI is additionally beneath the 50 level, which is a bearish sign.
Intraday Support Level – $400
Intraday Resistance Level – $420
Charts from Bitstamp; hosted by Trading View
