THELOGICALINDIAN - Bitcoin amount is trading in a able uptrend aloft 4000 adjoin the US Dollar BTCUSD charge break aloft the 4040 abutment to ascend added college aloft 4150 and 4200
Bitcoin Price Weekly Analysis (BTC)
This accomplished week, there was a strong upside break aloft the $4,000 attrition in bitcoin amount adjoin the US Dollar. Later, the BTC/USD brace formed a abutment abject aloft the $3,980 and $4,000 levels for the abutting wave. Finally, there was a aciculate advancement move aloft the $4,040 axis level. The amount acquired absorption and bankrupt the $4,100 attrition area. A new account aerial was formed at $4,132 afore the amount started a downside correction.
The amount traded beneath the $4,080 level, but it backward able-bodied aloft the 100 simple affective boilerplate (4-hours). There was a breach beneath the 50% Fib retracement akin of the aftermost beachcomber from the $3.995 beat low to $4,132 high. However, the $4,040 and $4,050 abutment levels acted as a able buy zone. Besides, the 61.8% Fib retracement akin of the aftermost beachcomber from the $3.995 beat low to $4,132 aerial acted as a solid buy zone. There is additionally a above ascendance approach in abode with abutment at $4,070 on the 4-hours blueprint of the BTC/USD pair.
If there is a downside breach beneath the approach support, the amount may revisit the $4,040 abutment area. As continued as the amount is aloft the $4,040 abutment area, there are affairs of a beginning advancement move aloft $4,100 and $4,150. The abutting key attrition aloft $4,150 is abreast the $4,200. The capital aim for beasts in the advancing canicule could be $4,400.
Looking at the chart, BTC amount seems to be afterward a appropriate uptrend aloft the $4,000 and $4,040 abutment levels. In the abbreviate term, there could be ambit moves aloft $4,040 afore a beginning increase. A acceptable breach aloft the $4,132 aerial is acceptable to set the clip for added assets appear the $4,200 and $4,400 levels.
Technical indicators
4 hours MACD – The MACD for BTC/USD is boring affective into the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is placed able-bodied aloft the 60 level.
Major Support Level – $4,040
Major Resistance Level – $4,130
