THELOGICALINDIAN - Key Points
Bitcoin amount comatose beneath $2200 afresh adjoin the US Dollar, and now BTC/USD is disturbing to authority a monster abutment breadth at $2024.
Bitcoin Price Breaks Down
This accomplished anniversary was mostly bearish for Bitcoin price, as it confused beneath the $2400 abutment breadth adjoin the US Dollar. In the aftermost account analysis, I accent a monster blemish pattern with abutment at $2400-20 on the 4-hours blueprint of BTC/USD. It seems like the brace bootless to authority the aforementioned and acclimatized beneath $2400. There was a aciculate downside move, as the brace traded beneath the $2250 and $2100 abutment levels.
At the moment, the amount is trading abreast addition acute abutment at $2024. Buyers are disturbing to authority $2024, which is why BTC charcoal at risk. The $2024 abutment is actual important, abnormally a circadian abutting aloft or beneath $2024. If the amount manages to abstain a circadian abutting beneath $2024, there are able affairs of a recovery. On the added hand, if there is a abutting beneath $2024, there can be added declines appear $1800.
On the upside, there is a bearish trend band at $2150 on the 4-hours chart. Moreover, the 38.2% Fib retracement akin of the aftermost abatement from the $2396 aerial to $1958 low ability additionally act as a hurdle abreast $2125. Selling rallies abreast $2125-2150 may be advised in the abbreviate term.
Looking at the abstruse indicators:
4-hours MACD – The MACD is heavily bearish and signaling added declines
4-hours RSI (Relative Strength Index) – The RSI is attempting a accretion from the oversold levels.
Major Support Level – $2024
Major Resistance Level – $2150
Charts address – SimpleFX
