THELOGICALINDIAN - Key Points
Bitcoin amount is convalescent aloft $3500 adjoin the US Dollar. However, the BTC/USD brace is now adverse a above hurdle abreast $3850 for added gains.
Bitcoin Price Resistance
This accomplished week, Bitcoin amount managed to recover aloft the $4000 akin already adjoin the US Dollar. The amount traded as aerial as $4106 area it faced sellers and beneath already again. The brace traded beneath the 38.2% Fib retracement akin of the aftermost beachcomber from the $2965 low to $4106 high. However, the downside move begin abutment abreast $3500 and the amount is now aback affective north.
It was a absolute analysis of the 50% Fib retracement akin of the aftermost beachcomber from the $2965 low to $4106 high. Buyers are now adverse a acute analysis abreast $3800-3850. There is a monster bearish trend band with attrition abreast $3850 on the 4-hours blueprint of BTC/USD. The trend band attrition is additionally abreast the 100 simple affective average (H4) at $3900. Therefore, a breach and abutting of the $3850-3900 attrition won’t be easy. We can already see the amount is accident drive beneath $3850.
If the amount fails to move aloft the $3850 level, there can be addition downside wave. On the downside, a few key supports are $3600 and $3500. Below $3500, the amount could alike retest the $3200 akin in the abreast term. On the upside, a abutting aloft $4000 would be a abundant bullish sign.
Looking at the abstruse indicators:
4-hours MACD – The MACD is still in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently about the 50 level.
Major Support Level – $3500
Major Resistance Level – $4000
Charts address – SimpleFX
