THELOGICALINDIAN - Bitcoin amount climbed acutely into a bullish area aloft 3900 adjoin the US Dollar BTCUSD is placed accurately in an uptrend and dips abutting to 3920 abide accurate for a beginning bullish wave
Bitcoin Price Analysis
This accomplished week, there were a brace of bearish reactions beneath the $3,850 akin in bitcoin amount adjoin the US Dollar. The BTC/USD brace acicular appear the $3,800 akin on two occasions, but buyers adequate added losses. Finally, the amount started a nice bullish wave and bankrupt the $3,850 and $3,900 attrition levels. It opened the doors for added assets aloft $3,900 and the amount acclimatized aloft the 100 simple affective boilerplate (4-hours). During the upside, the amount bankrupt a key bearish trend band with attrition at $3,890 to move into a bullish zone.
Buyers acquired ascendancy and the amount rallied aloft the $4,000 level. It traded as aerial as $4,041 afore sellers appeared. Later, a downside alteration accomplished beneath the $4,000 support. Sellers pushed the amount beneath the 23.6% Fib retracement akin of the contempo beachcomber from the $3,847 low to $4,041 high. The amount beneath acutely and activated the antecedent attrition (now support) at $3,950. Besides, the 50% Fib retracement akin of the contempo beachcomber from the $3,847 low to $4,041 aerial is currently acting as a support.
More importantly, there is a aloft abutting bullish trend band formed with abutment at $3,900 on the 4-hours blueprint of the BTC/USD pair. Therefore, if the amount continues to move down, it could acquisition a able support aloft the $3,900 level. On the upside, an antecedent attrition is at $4,000, aloft which the amount is acceptable to retest the $4,040 beat high.
Looking at the chart, BTC amount accurately confused into a bullish area aloft $3,900. In the abbreviate term, there could be a few beat moves appear $3,920 or $3,900, but the amount is acceptable to acquisition a able affairs interest. Sooner or later, there are aerial affairs of a beginning advancement move aloft the $4,000 and $4,040 levels.
Technical indicators
4 hours MACD – The MACD for BTC/USD is boring abbreviation its bullish slope.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD adapted lower and activated the 60 level.
Major Support Level – $3,900
Major Resistance Level – $4,040
