THELOGICALINDIAN - Bitcoin amount is placed accurately in an uptrend aloft 3800 and 3840 adjoin the US Dollar BTC is acceptable to ascend college and it could breach the 4000 barrier to set a new account high
Bitcoin Price Analysis
Recently, there was a aciculate abatement in bitcoin amount beneath the $3,840 and $3,800 levels adjoin the US Dollar. The BTC/USD brace acicular beneath the $3,775 akin and traded as low as $3,760. Later, there was a sharp recovery aloft the $3,800 attrition level. The backlash was able as the amount alike bankrupt the $3,840 and $3,900 attrition levels. The amount traded to a new account aerial aloft $3,940 afore acclimation lower. A aerial was formed at $3,946 and after the amount biconcave beneath the $3,900 level.
There was a breach beneath the 23.6% Fib retracement akin of the contempo beachcomber from the $3,760 low to $3,946 high. Sellers alike pushed the amount beneath the $3,880 akin and the 100 alternate simple affective average. However, the abatement was chock-full abreast the $3,850 support. The 50% Fib retracement akin of the contempo beachcomber from the $3,760 low to $3,946 aerial additionally acted as a support. On the downside, there is a acute abutment abreast $3,830 and an ascendance approach on the alternate blueprint of the BTC/USD pair.
At the outset, there is a abbreviate appellation crumbling approach in abode with attrition at $3,900 on the aforementioned chart. In the abbreviate term, there is a accident of a downside advance appear $3,840 or $3,830 afore the amount could ascend higher. On the upside, a breach aloft the $3,900 resistance is charge for a beginning advancement move. In the mentioned case, the amount could fasten aloft the $3,946 high. The abutting key attrition is abreast the $4,000 and $4,050 levels.
Looking at the chart, bitcoin amount is placed accurately in an uptrend aloft the $3,830 support. There ability be a few bearish moves, but the amount charcoal accurate for added assets aloft $3,900 in the abreast term.
Technical indicators
Hourly MACD – The MACD is hardly placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD aloof confused beneath the 50 level, but it could animation back.
Major Support Level – $3,840 followed by $3,830.
Major Resistance Level – $3,900, $3,940 and 4,000.
