THELOGICALINDIAN - Bitcoin amount rebounded accurately from the 3800 abutment adjoin the US Dollar BTC is currently analysis an upside breach aloft the 3880 attrition and the 100 alternate SMA
Bitcoin Price Analysis
Yesterday, we saw a downside reaction beneath the $3,860 abutment in bitcoin amount adjoin the US Dollar. The BTC/USD brace activated the key $3,800 abutment akin and after started an upside correction. A beat low was formed at $3,801 and the amount adapted aloft the $3,840 level. Buyers were acknowledged in blame the amount aloft the $3,850 attrition as well. Besides, there was a breach aloft the 50% Fib retracement akin of the contempo bead from the $3,910 beat aerial to $3,800 beat low.
However, the accretion faced a able attrition abreast the $3,880 akin and the 100 alternate simple affective average. More importantly, there is a key bearish trend band in abode with attrition at $3,865 on the alternate blueprint of the BTC/USD pair. The brace additionally struggled to bright the 61.8% Fib retracement akin of the contempo bead from the $3,910 beat aerial to $3,800 beat low. At the moment, the amount is accumulation aloof beneath the trend line, $3,870, and the 100 alternate SMA.
A acknowledged breach aloft the trend band and $3,880 could really addition the bazaar sentiment. In the mentioned case, the amount could ascend aloft the $3,900 and $3,920 attrition levels. The abutting stop could be $3,960 or alike $4,000. On the cast side, if there is a downside correction, the amount may acquisition buyers abreast the $3,840 level. The capital abutment is abreast the $3,820 and $3,800 levels. If there is a downside breach beneath $3,800, the amount could move into a bearish area in the abreast term.
Looking at the chart, bitcoin amount seems to be advancing for a beyond upside breach aloft $3,880. Having said that, it won’t be accessible for buyers to accretion absorption aloft $3,880 akin and the 100 alternate simple affective average.
Technical indicators:
Hourly MACD – The MACD is placed is about to move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloft the 50 level, with a bullish angle.
Major Support Levels – $3,840 followed by $3,800.
Major Resistance Levels – $3,865, $3,880 and $3,900.
