THELOGICALINDIAN - Bitcoin amount is beneath affairs burden beneath 3650 adjoin the US Dollar There are aerial affairs of added losses in BTC beneath 3500 and 3450 in the abreast term
Bitcoin Price Analysis
Recently, there was a decent support formed abreast $3,550 in bitcoin amount adjoin the US Dollar. The BTC/USD brace started a abbreviate appellation accretion and confused aloft the $3,600 and $3,620 attrition levels. There was additionally a breach aloft the 50% Fib retracement akin of the aftermost ancillary from the $3,716 aerial to $3,549 low. However, the amount struggled to authority assets aloft the $3,650 akin and the 100 alternate simple affective average. A bright bounce candle was formed abreast the $3,650 level.
Besides, the amount bootless to beat the 61.8% Fib retracement akin of the aftermost ancillary from the $3,716 aerial to $3,549 low. As a result, there was a bearish acknowledgment and the amount beneath beneath $3,620 and $3,600. More importantly, there was a breach beneath a above application triangle with abutment at $3,590 on the alternate blueprint of the BTC/USD pair. The brace is now trading able-bodied beneath $3,620 and the 100 alternate SMA. Should bitcoin accretion bearish momentum beneath the $3,550 support, the amount may tumble beneath the $3,500 and $3,450 abutment levels.
Looking at the chart, bitcoin amount is assuming a few bearish signs beneath the $3,620 and $3,650 attrition levels. Therefore, to alpha a appropriate advancement move, the amount charge beat the $3,650 axis level. If not, there is a accident of a aciculate abatement beneath $3,500 and $3,450 in the advancing sessions.
Technical indicators
Hourly MACD – The MACD for BTC/USD has confused aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied beneath 50 level, with bearish signs.
Major Support Level – $3,550
Major Resistance Level – $3,650
