THELOGICALINDIAN - Bitcoin amount started accumulation losses aloft the 3480 abutment adjoin the US Dollar BTC is acceptable to face a able affairs absorption abreast the 3580 and 3600 levels
Bitcoin Price Analysis
Yesterday, there was a significant bottomward move beneath the $3,650 abutment akin in bitcoin amount adjoin the US Dollar. The BTC/USD brace alike traded beneath the $3,560 abutment akin and the 100 alternate simple affective average. It acicular beneath the $3,500 abutment and a low was formed abreast the $3,465 level. Later, the amount recovered a few credibility aloft the $3,500 and $3,525 attrition levels. Besides, there was a breach aloft the 23.6% Fib retracement akin of the aftermost bead from the $3,701 beat aerial to $3,467 low.
However, the antecedent abutment abreast the $3,550 and $3,560 levels acted as a able barrier for buyers. The amount alike struggled to analysis the 50% Fib retracement akin of the aftermost bead from the $3,701 beat aerial to $3,467 low. There were a brace of beat moves abreast the $3,550 level, with no upside break. At the outset, the amount is trading central an accretion triangle with attrition abreast the $3,580 level. Moreover, there is a aloft bearish trend band in abode with attrition abreast $3,600 on the alternate blueprint of the BTC/USD pair. Therefore, a breach aloft the $3,580 and $3,600 attrition levels is bare for a decent recovery.
Looking at the chart, bitcoin amount may abide to barter in a ambit beneath the $3,550 and $3,580 levels. The abutting move in BTC could be either aloft the $3,600 attrition or beneath $3,480.
Technical indicators
Hourly MACD – The MACD for BTC/USD is about to accretion absorption in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently able-bodied beneath the 50 level, with a bearish angle.
Major Support Level – $3,480
Major Resistance Level – $3,600
