THELOGICALINDIAN - Bitcoin amount traded with a bullish bent aloft the 4000 akin adjoin the US Dollar BTC is currently acclimation lower but dips are acceptable to acquisition a able affairs absorption abreast 3970 or 3940
Bitcoin Price Analysis
Yesterday, we saw a solid acceleration in bitcoin amount aloft the $3,900 and $3,940 attrition levels adjoin the US Dollar. The BTC/USD brace alike bankrupt the $4,000 attrition and acclimatized aloft the 100 alternate simple affective average. The advancement move was able as the amount climbed aloft the $4,020 attrition level. A new account aerial was formed at $4,037 and after the amount started a downside correction. It traded beneath the $4,020 and $4,010 abutment levels.
Besides, there was a breach beneath a abbreviate appellation bullish trend band with abutment at $4,015 on the alternate blueprint of the BTC/USD pair. The brace surpassed the 23.6% Fib retracement akin of the contempo beachcomber from the $3,909 low to $4,037 high. However, there are abounding supports on the downside abreast the $3,980 and $3,970 levels. Besides, the 50% Fib retracement akin of the contempo beachcomber from the $3,909 low to $4,037 aerial is additionally abreast the $3,973 level. If there are more losses, the abutting key abutment is abreast the $3,660 level.
The $3,660 can be a axis akin back it is the 61.8% Fib retracement akin of the contempo beachcomber from the $3,909 low to $4,037 high. On the upside, the $4,020 akin is an antecedent attrition for buyers. A bright breach aloft $4,020 may accessible the doors for a advance aloft the $4,040 and $4,050 attrition levels.
Looking at the chart, bitcoin amount is placed accurately in an uptrend aloft the $3,970 and $3,960 abutment levels. Any added losses may advance the amount aback in a bearish area appear the $3,920 support. An average abutment is abreast the $3,940 level, which was a key attrition earlier. Overall, the accepted abstruse anatomy is absolute and there are affairs of added assets already the accepted alteration is complete abreast $3,970 or $3,960.
Technical indicators:
Hourly MACD – The MACD is boring accepting clip in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently acclimation lower appear the 50 level.
Major Support Levels – $3,970 followed by $3,960.
Major Resistance Levels – $4,010, $4,020 and $4,040.
