THELOGICALINDIAN - Key Points
Bitcoin amount attenuated a lot during the accomplished anniversary adjoin the USD. Going forward, it may abide to barter lower appear $550.
Bitcoin Price Resistance
Bitcoin amount bankrupt bottomward this accomplished anniversary adjoin the US Dollar, and acquaint losses. During the downside move, the BTC/USD brace bankrupt a brace of important abutment levels including $575. Moreover, there was a acute abutment trend band formed on the 4-hours blueprint (data augment from SimpleFX) of BTC/USD. The BTC sellers managed to accretion drive and took the brace lower appear the $560 level.
The brace is currently attempting to actual higher. However, it is award sellers abreast the burst trend line, which was a abutment beforehand and now acting as a resistance. On the upside, the abutting hurdle is about the 23.6% Fib retracement akin of the aftermost bead from the $592 aerial to $561 low. The best important attrition is about the $572 level. It is a above pivot zone, and now ancillary with the 38.2% Fib retracement akin of the aftermost bead from the $592 aerial to $561 low.
In my view, the BTC to USD may abide to ambit barter with a accessory bearish bias. There is additionally a adventitious of BTC/USD testing the $550 akin in the abbreviate term.
Looking at the abstruse indicators:
4-hours MACD – The MACD is acerb placed in the bearish zone, which is not acceptable for buyers.
4-hours RSI (Relative Strength Index) – The RSI is about the oversold levels, which may burn a accessory correction.
Major Support Level – $560
Major Resistance Level – $572
Charts address – SimpleFX
