THELOGICALINDIAN - Key Points
Bitcoin amount bootless to move aloft the $4475 akin adjoin the US Dollar, and BTC/USD is now trading abreast a above abutment area.
Bitcoin Price Support
Bitcoin amount fabricated a good ground this accomplished anniversary aloft $4000 adjoin the US Dollar. However, the amount bootless to breach the $4500 akin and started a downside move. The abatement was additionally due to an access of affairs absorption in BCH, which traded aloft the $800 level. There was a abatement in BTC amount beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $3232.76 low to $4475.37 high. The amount was additionally able to move beneath a acute bullish trend band at $4180 on the 4-hours chart.
The downside move was prevented by addition bullish trend band positioned at $4000 on the aforementioned chart. Moreover, the 38.2% Fib retracement akin of the aftermost beachcomber from the $3232.76 low to $4475.37 aerial acted as a support. The brace is captivation the bullish trend band able-bodied and currently trading aloft $4000. It has to break aloft $4000 if buyers accept to booty the amount aback appear $4400.
A breach and abutting beneath $4000 could booty the amount appear the 61.8% Fib retracement akin of the aftermost beachcomber from the $3232.76 low to $4475.37 high. Overall, the $4000 abutment holds the key in the abbreviate term.
Looking at the abstruse indicators:
4-hours MACD – The MACD has aloof confused into the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI has additionally confused beneath the 50 level.
Major Support Level – $4000
Major Resistance Level – $4180
Charts address – SimpleFX
