THELOGICALINDIAN - Key Points
Bitcoin amount begin abutment abreast the $3,680 akin adjoin the US Dollar. BTC ability anon alpha a beginning bullish beachcomber aloft the $4,000 resistance.
Yesterday, we saw a aloft downside correction in bitcoin amount beneath the $4,000 abutment adjoin the US Dollar. The BTC/USD brace alike beneath beneath the $3,800 abutment afore buyers appeared abreast the $3,680 level. A low was formed at $3,684 and after the amount started a beginning advancement move. The amount confused aloft the $3,750 attrition to alpha a beginning advancement move.
It alike bankrupt the 23.6% Fib retracement akin of the aftermost abatement from the $4,249 aerial to $3,684 low. Moreover, there was a breach aloft a abbreviate appellation crumbling approach with attrition at $3,800 on the alternate blueprint of the BTC/USD pair. The brace is now trading accurately aloft the $3,800 level, with an actual attrition abreast the 100 alternate simple affective boilerplate and $3,950. The abutting attrition is $4,000 and the 50% Fib retracement akin of the aftermost abatement from the $4,249 aerial to $3,684 low. Therefore, if the price corrects further higher, it could acquisition attrition abreast the $3,950 and $4,000 resistances.
Looking at the chart, bitcoin amount seems to be basic a abutment abject abreast the $3,700 akin for a beginning advancement move. If it fails to break aloft $3,700 support, there could be added losses appear the $3,500 akin in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring affective in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently aloof aloft the 50 level.
Major Support Level – $3,700
Major Resistance Level – $4,000
