THELOGICALINDIAN - Bitcoin amount accelerated losses beneath the 3500 abutment adjoin the US Dollar BTC bears are in abounding ascendancy and it seems like they are eyeing a analysis of the 3000 level
Bitcoin Price Analysis
This anniversary started with a bearish bias beneath the $3,500 abutment in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded lower and bankrupt the $3,480 and $3,440 abutment levels. Sellers got ascendancy and pushed the amount beneath the $3,400 support. A new annual low was formed at $3,374 and the amount is now trading able-bodied beneath the 100 alternate simple affective average. Recently, there was a abbreviate appellation alteration aloft the $3,400 level. The amount adapted aloft the 23.6% Fib retracement akin of the contempo abatement from the $3,559 aerial to $3,372 low.
However, the antecedent supports abreast $3,440 and $3,450 acted as a able barrier. The amount alike struggled to analysis the 50% Fib retracement akin of the contempo abatement from the $3,559 aerial to $3,372 low. It is currently trading with a bearish bend beneath $3,500 and $3,440. An actual abutment is at $3,375, beneath which the amount is acceptable to abatement appear the $3,300 and $3,220 supports. The main ambition for sellers in the average appellation could be $3,000. On the upside, there are abounding hurdles abreast the $3,500 and $3,440 levels. There is additionally a above bearish trend band formed with attrition at $3,460 on the alternate blueprint of the BTC/USD pair.
Looking at the chart, bitcoin amount is trading in a declivity beneath $3,440. There are aerial possibilities of added losses appear $3,300, $3,220 and $3,150 in the abreast term.
Technical indicators
Hourly MACD – The MACD for BTC/USD is about to move aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is placed able-bodied beneath the 30 level.
Major Support Level – $3,220
Major Resistance Level – $3,460
