THELOGICALINDIAN - Bitcoin amount is beneath burden beneath the 3860 abutment adjoin the US Dollar BTC could about-face assets if sellers accomplish in blame the amount beneath the 3800 and 3780 supports
Bitcoin Price Analysis (BTC to USD)
After trading to a new account aerial at $3,940, bitcoin amount started a beginning abatement adjoin the US Dollar. The BTC/USD brace traded beneath the $3,900 and $3,860 supports to access a abbreviate appellation bearish zone. There was additionally a abutting beneath the $3,860 abutment and the 100 alternate simple affective average. The amount traded beneath the 61.8% Fib retracement akin of the aftermost leg from the $3,761 low to $3,940 beat high. It opened the doors for added losses beneath the $3,840 support.
More importantly, there was a breach beneath a acute ascendance approach with abutment at $3,830 on the alternate blueprint of the BTC/USD pair. The brace continued losses and activated the $3,800 abutment level. At the moment, it is accumulation losses aloft the $3,800 support. An antecedent attrition is abreast the 23.6% Fib retracement akin of the contempo abatement from the $3,911 aerial to $3,801 low. However, the capital attrition is abreast the burst approach and the $3,860 level. Besides, the 50% Fib retracement akin of the contempo abatement from the $3,911 aerial to $3,801 low is additionally abreast $3,856.
Therefore, if there is an upside correction, the amount is acceptable to face a strong resistance abreast the $3,860 level. The abutting key attrition is abreast the $3,880 akin and the 100 alternate SMA. On the downside, a breach beneath the $3,800 abutment could accessible the doors for added losses. The abutting actual abutment is at $3,780, beneath which the amount could tumble appear the $3,700 level.
Looking at the chart, bitcoin amount is boring affective into the bearish zone, with a abutting beneath $3,860. If the amount fails to move aloft $3,880 and $3,900, it is acceptable to extend losses beneath the $3,805 abutment in the abreast term.
Technical indicators:
Hourly MACD – The MACD is placed in the bearish zone, with a abrogating bias.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD confused beneath the 40 level, with a bearish angle.
Major Support Levels – $3,800 followed by $3,780.
Major Resistance Levels – $3,860, $3,880 and $3,900.
