THELOGICALINDIAN - Bitcoin amount adapted assets afresh beneath 4000 adjoin the US Dollar BTC could animation aback as continued as it is trading aloft the 3900 axis breadth in the advancing sessions
Bitcoin Price Analysis
In the account analysis, we saw a nice advancement move aloft $4,000 in bitcoin amount adjoin the US Dollar. The BTC/USD brace alike bankrupt the $4,020 akin and traded appear the $4,040 level. A aerial was formed at $4,041 and after the amount adapted lower beneath $4,020. Sellers pushed the amount beneath the $4,000 and $3,980 levels. There was a breach beneath the 50% Fib retracement akin of the aftermost leg from the $3,884 low to $4,041 high.
However, the $3,940 akin acted as a strong support and the amount backward able-bodied aloft the 100 alternate simple affective average. Moreover, the 61.8% Fib retracement akin of the aftermost leg from the $3,884 low to $4,041 aerial additionally acted as a support. Later, the amount bounced aback aloft the $3,960 level. There was additionally a breach aloft a abutting bearish trend band with attrition at $3,970 on the alternate blueprint of the BTC/USD pair. The brace acicular aloft the $4,000 level, but it bootless to authority gains.
At the moment, it is affective lower appear the $3,940 abutment level, area buyers are acceptable to emerge. If there are added losses, the amount may acquisition a able abutment abreast the $3,920 akin and the 100 alternate SMA. The abutting key abutment is at $3,900, which was a acute attrition earlier. On the upside, an antecedent attrition is at $3,980 and $4,000. A acknowledged abutting aloft the $4,000 barrier may accessible the doors for added assets aloft the $4,040 and $4,050 levels.
Looking at the chart, bitcoin amount is disturbing to break aloft the $4,000 level, but it charcoal able-bodied accurate on dips. Having said that, if the amount fails to break aloft $3,920 and $3,900, it could move aback in a bearish zone. The abutting above abutment is abreast the $3,850 level.
Technical indicators:
Hourly MACD – The MACD is about to move aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD afresh beneath beneath the 50 level, with a bearish angle.
Major Support Levels – $3,940 followed by $3,920.
Major Resistance Levels – $3,980, $4,000 and $4,040.
