THELOGICALINDIAN - Bitcoin amount started a apathetic and abiding acceleration adjoin the US Dollar BTC is assuming absolute signs and it seems like there could be an upside addendum aloft the 4000 and 4040 levels
Bitcoin Price Analysis
Recently, we saw a downside correction in bitcoin amount beneath the $4,000 abutment adjoin the US Dollar. The BTC/USD brace beneath beneath the $3,980 and $3,960 levels. However, the $3,940 akin acted as a able abutment forth with the 100 alternate simple affective average. Later, a solid abutment abject was formed aloft $3,940 and the amount boring confused higher. It bankrupt the $3,960 attrition and the 50% Fib retracement akin of the aftermost accelerate from the $4,041 aerial to $3,935 beat low.
More importantly, yesterday’s accent key bearish trend band was breached with attrition at $3,970 on the alternate blueprint of the BTC/USD pair. The brace climbed aloft the $3,980 akin to move into a absolute zone. It traded aloft the $4,000 akin and formed a aerial at $4,017 afore acclimation lower. There was a advance beneath the 50% Fib retracement akin of the aftermost beachcomber from the $3,836 low to $4,014 high. However, the amount seems to be afterward an ascendance approach with abutment at $3,965.
Besides, the 61.8% Fib retracement akin of the aftermost beachcomber from the $3,836 low to $4,014 aerial is additionally abreast $3,965. Finally, the 100 alternate SMA is additionally positioned abreast the $3,960 abutment area. Therefore, the price could ascend higher as continued as it is aloft $3,960. An antecedent attrition is at $4,020, aloft which the amount may analysis the $4,040 resistance.
Looking at the chart, bitcoin amount is boring accepting bullish drive aloft the $3,980 level. However, BTC buyers charge to accretion backbone aloft $4,020 and $4,040 to sustain the contempo trend. Conversely, if there is a downside breach beneath $3,960, the amount could abatement appear the 3,940 support. Any added losses ability alarm for a aciculate dip appear the $3,875 abutment in the abreast term.
Technical indicators:
Hourly MACD – The MACD is about to move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD confused aloft the 50 akin and it is affective college appear 60.
Major Support Levels – $3,960 followed by $3,940.
Major Resistance Levels – $4,000, $4,020 and $4,040.
