THELOGICALINDIAN - Bitcoin amount is trading with a absolute bent aloft 4000 adjoin the US Dollar Dips in BTC abide accurate and buyers assume to be analysis added upsides aloft 4050
Bitcoin Price Analysis
Yesterday, we discussed that bitcoin amount is hesitating, but there are chances of added gains aloft $4,000 adjoin the US Dollar. The BTC/USD brace formed a solid abutment abject abreast the $3,940 akin and after started an advancement move. There was a apathetic and abiding acceleration aloft $3,980 and 100 alternate simple affective average. The amount climbed aloft the $4,000 barrier and traded abutting to the aftermost beat aerial abreast $4,050. It traded as aerial as $4,049 and charcoal able-bodied accurate on the downside.
The crypto market (ETH, XRP and others) seems to be trading with a absolute bias, advocacy the affect for BTC. It is currently acclimation lower beneath $4,030 and the 23.6% Fib retracement akin of the contempo beachcomber from the $3,969 low to $4,049 high. However, there are abounding supports abreast the $4,000 akin and the 50% Fib retracement akin of the contempo beachcomber from the $3,969 low to $4,049 high. There is additionally a key abutting bullish trend band formed with abutment at $3,985 on the alternate blueprint of the BTC/USD pair.
The trend band abutment coincides with the 61.8% Fib retracement akin of the contempo beachcomber from the $3,969 low to $4,049 high. The amount is acceptable to acquisition a able abutment abreast the $4,000 and $3,985 levels. On the upside, an antecedent attrition is abreast the $4,050 level, aloft which the amount could ascend appear $4,080. The abutting capital attrition is abreast the $4,100 level.
Looking at the chart, bitcoin amount is placed accurately in an uptrend aloft $3,980 and it could abide to acceleration in the abreast term. On the cast side, if there is a breach beneath $3,980, there could be a downside addendum beneath $3,960. The best important abutment is at $3,940, beneath which the amount may accelerate into a bearish zone.
Technical indicators:
Hourly MACD – The MACD is acceptable to move into the bearish area in the abbreviate term.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently affective lower appear the 50 level.
Major Support Levels – $4,000 followed by $3,980.
Major Resistance Levels – $4,040, $4,050 and $4,080.
