THELOGICALINDIAN - Bitcoin amount is captivation an important abutment abreast 3940 adjoin the US Dollar BTC is acceptable to accomplish the abutting move either aloft 4000 or beneath the 3900 abutment level
Bitcoin Price Analysis
Yesterday, we saw the alpha of a downside correction in bitcoin amount from the $4,041 aerial adjoin the US Dollar. The BTC/USD brace adapted lower and traded beneath the $4,020 and $4,000 abutment levels. There was a breach beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $3,846 low to $4,041 high. Besides, there was a abutting beneath the $4,000 abutment and the amount activated the $3,940 abutment area.
More importantly, the 50% Fib retracement akin of the aftermost beachcomber from the $3,846 low to $4,041 aerial acted as a able support. Sellers fabricated two attempts to bright the $3,940 support, but they bootless to accretion strength. Similarly, buyers pushed the amount aloft the $3,980 level, but they struggled to accumulate the amount in a absolute zone. The amount was afresh alone abreast the $3,980 level. It is currently affective lower and it could retest the $3,940 abutment area.
It seems like buyers ability accept the aftermost adventitious for an upside break aloft the $4,000 resistance. There is additionally a abbreviate appellation bearish trend band in abode with attrition at $3,980 on the alternate blueprint of the BTC/USD pair. Therefore, buyers charge to bright the trend band and the $4,000 attrition for a beginning advancement move. If they fail, there could be a able abatement beneath the $3,940 abutment area. Besides, a abutting beneath the $3,940 abutment and the 100 alternate SMA could advance the amount appear the $3,900 or $3,880 support.
Looking at the chart, bitcoin amount is acutely abutting the abutting breach either aloft the $4,000 attrition or beneath the $3,940 support. As continued as the amount is aloft the 100 alternate SMA, there are affairs of an upside breach aloft $4,000. The abutting key attrition is at $4,040, followed by $4,100.
Technical indicators:
Hourly MACD – The MACD is boring affective into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD afresh activated the 40 akin and it is currently affective appear 50.
Major Support Levels – $3,940 followed by $3,900.
Major Resistance Levels – $3,980, $4,000 and $4,040.
