THELOGICALINDIAN - Bitcoin amount is afterward a abiding uptrend aloft 4000 adjoin the US Dollar BTC adapted lower afresh but it charcoal able-bodied bid aloft the 4040 ad 4020 levels
Bitcoin Price Analysis
Yesterday, we saw a solid upside break aloft the $4,000 attrition in bitcoin amount adjoin the US Dollar. The BTC/USD brace followed a bullish aisle and traded aloft a acute attrition abreast the $4,040 level. There was a able abutting aloft the $4,000 akin and the 100 alternate simple affective average. The amount accelerated assets aloft the $4,050 and $4,100 attrition levels. A new account aerial was formed abreast $4,132 and after the amount started a downside correction.
Sellers pushed the amount beneath the $4,100 abutment and the 23.6% Fib retracement akin of the contempo beachcomber from the $4,007 low to $4,132 high. There was a fasten beneath the $4,050 akin and the 50% Fib retracement akin of the contempo beachcomber from the $4,007 low to $4,132 high. However, the antecedent crucial resistance abreast the $4,040 akin acted as a able support. The amount was additionally alone from the 61.8% Fib retracement akin of the contempo beachcomber from the $4,007 low to $4,132 high.
More importantly, there is a acute ascendance approach in abode with abutment at $4,060 on the alternate blueprint of the BTC/USD pair. The brace is currently trading aloft the approach abutment and $4,070. It seems like there could be addition dip appear the $4,040 abutment afore the amount starts a beginning advancement move. On the upside, an antecedent attrition is abreast the $4,100 level, aloft which the amount could breach the $4,132 high.
Looking at the chart, bitcoin amount is afterward a nice uptrend aloft the $4,040 abutment level. If there is an continued abatement beneath the $4,040 support, the amount may revisit the $4,000 abutment area. On the upside, a bright breach aloft $4,100 and $4,132 could advance the amount added higher. The abutting stop for beasts ability be $4,150 or $4,180.
Technical indicators:
Hourly MACD – The MACD is boring abbreviation its bearish slope.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently abreast the 50 level, with a accessory bearish angle.
Major Support Levels – $4,060 followed by $4,040.
Major Resistance Levels – $4,100, $4,130 and $4,150.
