THELOGICALINDIAN - Bitcoin amount seems to be advancing for the abutting breach adjoin the US Dollar BTC is acceptable to ascend aloft the 4000 barrier unless buyers abort to avert the 3960 and 3940 abutment levels
Bitcoin Price Analysis
Recently, bitcoin amount rebounded nicely afterwards trading as low as $3,872 adjoin the US Dollar. The BTC/USD brace acquired absorption and traded aloft the $3,940 and $3,960 attrition levels. However, the $4,000 akin acted as a able attrition and prevented added gains. A beat aerial was formed abreast $3,999 and after the amount adapted lower. There was a dip beneath the $3,980 akin and the 23.6% Fib retracement akin of the aftermost beachcomber from the $3,872 low to $3,999 high.
However, the key $3,940 abutment breadth acted as a able barrier for sellers. The amount begin abutment aloof aloft $3,940 and the 50% Fib retracement akin of the aftermost beachcomber from the $3,872 low to $3,999 high. It is currently affective college and trading abreast the $3,980 resistance. There is additionally a key bearish trend band formed with attrition at $3,980 on the alternate blueprint of the BTC/USD pair. Aloft the trend line, the 100 alternate SMA is positioned abreast the $3,985 level.
Therefore, a breach aloft the trend line, the 100 alternate SMA, and $4,000 is charge for buyers to accretion control. Aloft $4,000, the abutting key resistance is abreast the $4,020 level, aloft which the amount is acceptable to analysis the $4,045 resistance. On the downside, an antecedent abutment is at $3,960. However, the capital abutment is abreast $3,940, which may abide to authority losses.
Looking at the chart, bitcoin amount is acutely accumulation aloft the $3,940 abutment level. As continued as the amount is aloft $3,940, there are affairs of added assets aloft $3,980 and $4,000. To accretion bullish momentum, a bright breach aloft the $4,020 axis akin is required. On the downside, a abutting beneath the $3,940 abutment ability advance losses appear the $3,900 and $3,875 levels.
Technical indicators:
Hourly MACD – The MACD is currently in boring affective in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloft the 50 level, with absolute signs.
Major Support Levels – $3,960 followed by $3,940.
Major Resistance Levels – $3,980, $4,000 and $4,020.
