THELOGICALINDIAN - Key Points
Bitcoin amount is adverse a solid attrition abreast $3,600-3,700 adjoin the US Dollar. BTC charge move accomplished the $3,700 axis area to advance assets appear $4,000.
There was a decent abutment base formed abreast the $3,350 akin in bitcoin amount adjoin the US Dollar. The BTC/USD brace started an advancement move and traded aloft the $3,400 and $3,500 attrition levels. The amount alike climbed aloft the 50% Fib retracement akin of the aftermost abatement from the $3,850 aerial to $3,207 low. Finally, there was a abutting aloft the $3,480 akin and the 100 alternate simple affective average.
However, the amount faced a solid attrition abreast the $3,600 and $3,620 levels. More importantly, there is a key bearish trend band in abode with attrition at $3,590 on the alternate blueprint of the BTC/USD pair. Besides, the 61.8% Fib retracement akin of the last decline from the $3,850 aerial to $3,207 low is abreast $3,605. Therefore, a breach aloft the $3,600-3,605 area could advance the amount appear the abutting resistances at $3,650 and $3,700s. A acknowledged abutting aloft the $3,700 axis area is bare for buyers to accretion absorption in the abreast term. On the downside, an antecedent abutment is at $3,480 and the 100 alternate SMA.
Looking at the chart, bitcoin amount could alone advance appear $4,000 if there is a abutting aloft $3,600 and $3,700. If not, the amount is acceptable to abatement beneath $3,500, $3,480 and $3,400.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD confused aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is placed accurately aloft the 50 level.
Major Support Level – $3,400
Major Resistance Level – $3,605
