THELOGICALINDIAN - Bitcoin amount rallied afresh aloft the 4000 akin adjoin the US Dollar BTC adapted lower but it charcoal accurate and it may abide to bullwork college in the abreast term
Bitcoin Price Analysis
In the accomplished few days, we saw a solid selling absorption beneath $3,900 for bitcoin amount adjoin the US Dollar. The BTC/USD brace struggled to breach the $3,900 attrition on abounding occasions. There were alike a few beat moves beneath the $3,850 level. However, the amount remained able-bodied bid and after it managed to ascend aloft the $3,850 and $3,900 attrition levels. The amount alike austere the $4,000 attrition akin and acclimatized able-bodied aloft the 100 alternate simple affective average.
A new account aerial was formed at $4,042 and after the amount adapted lower. It traded beneath the $4,000 abutment and the 23.6% Fib retracement akin of the contempo beachcomber from the $3,886 low to $4,042 high. However, there are many supports on the downside abreast $3,950 and $3,920. Moreover, the 50% Fib retracement akin of the contempo beachcomber from the $3,886 low to $4,042 aerial additionally acted as a support. On the downside, there is a above bullish trend band formed with abutment at $3,940 on the alternate blueprint of the BTC/USD pair.
The trend band coincides with the 61.8% Fib retracement akin of the contempo beachcomber from the $3,886 low to $4,042 high. Therefore, there could be a able affairs absorption abreast the $3,940 level. On the upside, an antecedent attrition is abreast the $4,000 level. The abutting attrition is abreast the $4,040-4,050 zone, aloft which the amount is acceptable to advance higher. The abutting capital attrition is at $4,120, area sellers may emerge.
Looking at the chart, bitcoin amount acutely acquired a lot of absorption afterwards it bankrupt the $3,900 resistance. It is currently acclimation lower, but dips abide able-bodied accurate abreast $3,940. Therefore, there are aerial affairs of a beginning assemblage in the advancing sessions aloft the $4,000 and $4,040 attrition levels.
Technical indicators:
Hourly MACD – The MACD is currently affective boring in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD adapted lower from the overbought levels and activated the 60 level.
Major Support Levels – $3,950 followed by $3,940.
Major Resistance Levels – $4,000, $4,040 and $4,120.
