THELOGICALINDIAN - Key Points
Bitcoin amount was awash aggressively this accomplished week. More losses are possible, but the $400 abutment breadth holds the key.
Bitcoin Price – Sell Rallies?
Bitcoin amount traded down, and as accent in this accomplished week’s analysis, the attrition breadth of $450 played able-bodied to advance the amount down. There was a aciculate downside reaction, and the amount confused afterpiece to the $400 level. A new account low of $402 was formed area the beasts are putting up a action to anticipate any added weakness.
There are a brace of bearish trend curve formed on the alternate blueprint (data augment from Bitstamp), which may comedy a acute role if the price bounces from the accepted levels. The amount is already acclimation college and bankrupt the 23.6% Fib retracement akin of the aftermost bead from the $425 aerial to $402 low. However, the best important attrition breadth seems to be about the $415-20 area, as it acted as a abutment beforehand and may act as a hurdle for the beasts affective ahead.
The 61.8% Fib retracement akin of the aftermost bead from the $425 aerial to $402 low is additionally about $415 level. A breach aloft it ability alarm for a analysis of the accent trend curve and attrition area. The amount is additionally able-bodied beneath the 100 simple affective boilerplate (H4 chart), calling for added losses.
Looking at the abstruse indicators:
4-hours MACD – The MACD may change the abruptness to the bullish area, suggesting a alteration affective ahead.
4-hours RSI (Relative Strength Index) – The alternate RSI is in the oversold area, analogous the appearance of a correction.
Intraday Support Level – $400
Intraday Resistance Level – $420
Charts from Bitstamp; hosted by Trading View
