THELOGICALINDIAN - Key Points
Bitcoin amount is currently disturbing to breach a above attrition breadth adjoin the US Dollar, which ability burn the abutting move in BTC/USD.
Bitcoin Price Next Move
Bitcoin amount mostly traded with a bearish accent adjoin the US Dollar this accomplished week, and every attack to actual college was apparent as a advertise opportunity. The BTC/USD brace alike traded as low as $605 afore starting a correction. The amount is currently trading abreast a major attrition area, which is in the anatomy of a bearish trend band on the on the 4-hours blueprint (data augment from Bitstamp) of BTC/USD.
The best important allotment is the actuality that the 100 simple affective boilerplate (H4 chart) is additionally positioned about the trend band resistance. Moreover, the 50% Fib retracement akin of the aftermost bead from the $705 aerial to $605 low is additionally about the aforementioned trend band attrition area. All in all, there is a analytical attrition area formed abreast $660.
Only if the BTC beasts administer to breach the declared level, there is a chance of added gains in the abreast term. Otherwise, the BTC/USD brace may move bottomward already again. I anticipate the affairs of a move bottomward in the abbreviate appellation is added compared with a move higher.
Looking at the abstruse indicators:
4-hours MACD – The MACD is about to move into the bearish slope, which is a not a acceptable assurance for the bulls.
4-hours RSI (Relative Strength Index) – The RSI is aloof about the 50 level, calling for a break.
Major Support Level – $630
Major Resistance Level – $660
Charts from Bitstamp; hosted by Trading View
