Bitcoin (BTC) Price Still In Strong Uptrend, Buying Dips Favored
technical analysis

Bitcoin (BTC) Price Still In Strong Uptrend, Buying Dips Favored

THELOGICALINDIAN - Bitcoin amount is still in a able uptrend admitting contempo bearish moves adjoin the US Dollar BTCUSD is acceptable to acquisition a solid affairs absorption if it dips appear 3940 or 3920

Bitcoin Price Weekly Analysis (BTC)

This accomplished week, there was a decent advancement move aloft $4,000 in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded in a ambit aloft the $3,940 abutment akin and assuredly bankrupt the $4,000 attrition level. Buyers pushed the amount aloft the $4,020 attrition and a new account aerial was formed at $4,064. However, buyers bootless to authority assets aloft $4,020, consistent in a aciculate abatement beneath $4,000. The amount alone heavily and bankrupt the $3,960 and $3,940 abutment levels.

There was alike a fasten beneath the $3,900 abutment and the 100 simple affective boilerplate (4-hours). Having said that, buyers dedicated the $3,900 abutment and the amount bounced aback acutely aloft $3,940. There was a breach aloft the 50% Fib retracement akin of the aftermost abatement from the $4,064 aerial to $3,869 low. The contempo accretion was solid, but the amount faced a able action area abreast the $4,000 resistance. The 61.8% Fib retracement akin of the aftermost abatement from the $4,064 aerial to $3,869 low additionally acted as a hurdle.

At the moment, the amount is consolidating beneath the $4,000 resistance. Besides, there is a abbreviate appellation abutting bearish trend band in abode with attrition at $3,990 on the 4-hours blueprint of the BTC/USD pair. A bright breach aloft the trend band and $4,000 could accessible the doors for a beginning advancement move. On the downside, there are abounding supports abreast the $3,940 and $3,920 levels. There is additionally a acute bullish trend band basic with abutment at $3,920 on the aforementioned chart.

Bitcoin Price Weekly Analysis BTC Chart

Looking at the chart, BTC amount is acutely able-bodied accurate on the downside abreast the $3,940 and $3.920 levels. As continued as the amount is aloft the $3,900 abutment and the 100 SMA, there are affairs of a abiding acceleration in the advancing sessions. Buyers may delay for a bright breach aloft the $4,000 and $4,020 attrition levels to accretion control.

Technical indicators

4 hours MACD – The MACD for BTC/USD is hardly placed in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently able-bodied beneath the 50 level.

Major Support Level – $3,900

Major Resistance Level – $4,020