THELOGICALINDIAN - Bitcoin amount beneath beneath important supports abreast 3940 adjoin the US Dollar BTC ability actual in the abbreviate appellation but sellers are acceptable to assure assets aloft 3940
Bitcoin Price Analysis
After assorted failures abreast the $4,000 resistance, bitcoin amount started a aciculate abatement adjoin the US Dollar. The BTC/USD brace formed a beat aerial abreast $3,980 and after beneath beneath the key $3,940 abutment area. Sellers acquired ascendancy and the amount alike bankrupt the $3,900 abutment level. The amount traded to a new account low at $3,855 and acclimatized able-bodied beneath the 100 alternate simple affective average. Later, the amount started an upside alteration aloft the $3,900 level.
The amount austere the 23.6% Fib retracement akin of the contempo abatement from the $3,978 aerial to $3,855 low. However, the amount is currently adverse attrition abreast $3,920. It represents the 50% Fib retracement akin of the contempo abatement from the $3,978 aerial to $3,855 low. In the abbreviate term, the amount ability actual aloft the $3,920 level. Having said that, there is a strong resistance abreast the $3,940 and $3,950 levels.
Besides, yesterday’s accent aloft bearish trend band is complete with attrition at $3,950 on the alternate blueprint of the BTC/USD pair. The 61.8% Fib retracement akin of the contempo abatement from the $3,978 aerial to $3,855 low ability additionally anticipate assets abreast $3,930. Therefore, if the amount corrects higher, it is acceptable to face a able attrition abreast $3,940 and $3,950. A able abutting aloft the $3,950 attrition additional the 100 alternate SMA is charge for a appropriate backlash appear $4,000.
Looking at the chart, bitcoin amount acutely confused into a bearish area beneath the $3,940 abutment level. On the downside, an actual abutment is at $3,880, beneath which the amount is acceptable to revisit the $3,850 support. If there are added losses beneath $3,850, the abutting stop for sellers could be $3,800. On the upside, the capital attrition is at $3,950, aloft which there are affairs of a beginning increase.
Technical indicators:
Hourly MACD – The MACD confused aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD recovered recently, but it is still able-bodied beneath the 50 level.
Major Support Levels – $3,880 followed by $3,850.
Major Resistance Levels – $3,930, $3,940 and $3,950.
