THELOGICALINDIAN - Bitcoin amount is assuming a few signs of weakness adjoin the US Dollar However BTC beasts are acceptable to assure dips abreast the 4940 and 4900 abutment levels in the abreast term
Bitcoin Price Analysis
Yesterday, we saw a steady rise from the $4,940 abutment in bitcoin amount adjoin the US Dollar. The BTC/USD brace climbed aloft the $5,100 and $5,160 attrition levels. There was additionally a breach aloft the $5,180 level, but the amount struggled abreast the $5,190 attrition breadth (the antecedent support). Besides, it bootless to beat the 50% Fib retracement akin of the aftermost accelerate from the $5,465 aerial to $4,920 low. There was a topping arrangement formed and the amount beneath beneath the $5,100 and $5,000 abutment levels.
It revisited the $4,940 abutment breadth and traded as low as $4,943. Recently, it rebounded college and traded aloft the $5,000 resistance. Besides, beasts pushed the amount aloft the $5,050 akin and the 50% Fib retracement akin of the contempo bead from the $5,190 aerial to $4,943 low. However, the amount is adverse a able attrition abreast the $5,090 akin and the 100 alternate simple affective average. Besides, the 61.8% Fib retracement akin of the contempo bead from the $5,190 aerial to $4,943 low is additionally a hurdle.
More importantly, there is a acute bearish trend band basic with attrition at $5,110 on the alternate blueprint of the BTC/USD pair. Aloft the trend line, the main resistance for bitcoin buyers is abreast the $5,190-5,200 zone. Therefore, it won’t be accessible for beasts to accretion absorption aloft the $5,100 attrition in the abbreviate term.
Looking at the chart, bitcoin amount ability face offers abreast the $5,100 and $5,110 levels. If it break the $5,110 resistance, it may retest the $5,200 attrition zone. If not, there is a adventitious of addition downside advance appear the $4,940, $4,920 and $4,900 abutment levels. A cogent abatement beneath $4,900 is actual absurd and beasts could buy big if there is a dip appear $4,900 or alike $4,850.
Technical indicators:
Hourly MACD – The MACD is boring affective aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD recovered aloft 40, but it is still beneath 50.
Major Support Levels – $5,000 followed by $4,940.
Major Resistance Levels – $5,090, $5,110 and $5,190.
