THELOGICALINDIAN - Bitcoin amount struggled to beat the 3600 axis area adjoin the US Dollar BTC is currently at a accident of added losses appear 3480 as continued as the amount is beneath 3620
Bitcoin Price Analysis
Yesterday, we saw a solid advancement move aloft the $3,560 attrition in bitcoin amount adjoin the US Dollar. However, the BTC/USD brace ran into a cogent attrition area abreast the $3,600 and $3,620 levels. There was a bounce arrangement formed abreast the $3,615 level. The amount additionally bootless to achieve aloft the 61.8% Fib retracement akin of the aftermost bead from the $3,708 beat aerial to $3,465 low. An intraday aerial was formed at $3,614 and after the amount beneath beneath the 100 alternate simple affective average.
The abatement was such that the amount traded beneath the $3,560 level. It activated the 50% Fib retracement akin of the contempo beachcomber from the $3,441 low to $3,614 high. The accepted amount activity is acutely bearish beneath $3,580 and it seems like there could be added declines. The next stop for sellers could be abreast the $3,500 akin and the 61.8% Fib retracement akin of the contempo beachcomber from the $3,441 low to $3,614 high. Beneath $3,500, the amount is acceptable to analysis the $3,480 and $3,460 abutment levels. On the upside, there are abounding barriers abreast the $3,600 level. Moreover, this week’s followed key bearish trend band is in abode with attrition abreast $3,570 on the alternate blueprint of the BTC/USD pair.
Looking at the chart, bitcoin amount is acutely adverse a cogent barrier abreast $3,600 and $3,600. Therefore, it could extend the accepted abatement to $3,480 afore a beginning advancement move.
Technical indicators
Hourly MACD – The MACD for BTC/USD is now placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently placed able-bodied beneath the 40 level.
Major Support Level – $3,480
Major Resistance Level – $3,600
