THELOGICALINDIAN - Bitcoin amount fabricated a aciculate Uturn from new account lows adjoin the US Dollar BTC is aback aloft the 3940 axis akin and it could advance assets aloft the 4000 barrier in the abreast term
Bitcoin Price Analysis
Yesterday, we saw an extended decline in bitcoin amount beneath the $3,900 abutment adjoin the US Dollar. The BTC/USD brace traded to a new account low at $3,850. Later, the brace formed a appropriate abutment abject abreast the $3,880 level. As a result, there was a able advance and the amount climbed aloft the $3,900 attrition level. More importantly, the amount austere the key resistances abreast $3,920 and $3,940 (the antecedent supports).
Besides, beasts austere this week’s followed acute bearish trend band with attrition at $3,945 on the alternate blueprint of the BTC/USD pair. The brace acclimatized aloft the $3,940 attrition and the 100 alternate simple affective average. It alike acicular aloft the $3,980 resistance and a new intraday aerial was formed at $3,988. The amount is currently accumulation beneath $3,988 and it seems like there could be added gains. On the downside, an antecedent abutment is abreast $3,955 and the 23.6% Fib retracement akin of the contempo beachcomber from the $3,856 low to $3,988 high.
However, the capital abutment is abreast the $3,940 and $3,920 levels. The 50% Fib retracement akin of the contempo beachcomber from the $3,856 low to $3,988 aerial is additionally abreast the $3,920 level. On the upside, the amount is acceptable to advance aloft the $4,000 attrition in the abreast term. The abutting stop for buyers could be abreast $4,020 or $4,040.
Looking at the chart, bitcoin amount pumped accurately aloft the $3,940 axis akin and confused into a absolute zone. The accepted amount activity is absolute and suggests added assets aloft $4,000 and $4,020. There are alike affairs of a beginning aerial aloft the $4,040 resistance. On the added hand, if there is a downside correction, buyers are acceptable to assure the $3,940 and $3,920 abutment levels.
Technical indicators:
Hourly MACD – The MACD is accepting clip in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD jumped college acutely and it is currently in the overbought zone.
Major Support Levels – $3,940 followed by $3,920.
Major Resistance Levels – $4,000, $4,020 and $4,040.
