THELOGICALINDIAN - Bitcoin amount started a above downside alteration beneath 5450 adjoin the US Dollar BTC may analysis the key 53405350 abutment area afore it could alpha a beginning increase
Bitcoin Price Analysis
After a strong advancement move, bitcoin amount started a downside alteration from the $5,640 beat aerial adjoin the US Dollar. The BTC/USD brace traded beneath the $5,600 and $5,520 levels to move into a abbreviate appellation bearish zone. The brace alike bankrupt the $5,480 abutment and acclimatized beneath the key $5,450 abutment level. Recently, there was a breach beneath the 50% Fib retracement akin of the aftermost beachcomber from the $5,199 low to $5,644 high.
The amount acicular beneath the $5,400 abutment and traded abutting to the $5,370 level. Besides, the amount traded abutting to the 61.8% Fib retracement akin of the aftermost beachcomber from the $5,199 low to $5,644 high. At the moment, the amount is accumulation aloft the $5,400 akin and the 100 alternate simple affective average. There is additionally a key bullish trend band formed with abutment at $5,405 on the alternate blueprint of the BTC/USD pair. Clearly, the amount is trading abreast a strong support at $5,400. If there is a downside breach beneath $5,400 and the 100 alternate SMA, the amount could extend losses.
The abutting key abutment breadth is abreast $5,350-5,340 (the antecedent aloft resistance). The beasts are acceptable to avert the $5,340 abutment breadth in the abreast term. On the upside, the amount charge breach the $5,450 attrition to alpha a appropriate rebound. However, the capital attrition is at $5,500, aloft which the amount could move aback appear the $5,640 level.
Looking at the chart, bitcoin amount seems to be extending its abatement appear the $5,350 level. However, it won’t be accessible for sellers to bright the $5,340-5,350 abutment area. Once the accepted alteration is complete, the amount is acceptable to animation aback in the abreast term. Further beneath $5,340, the amount ability move into a bearish area appear the $5,000 handle.
Technical indicators:
Hourly MACD – The MACD is disturbing to accretion clip in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied beneath the 50 akin and it could accelerate appear 35 or 30.
Major Support Levels – $5,400 followed by $5,340.
Major Resistance Levels – $5,450, $5,500 and $5,540.
