THELOGICALINDIAN - Key Points
Bitcoin amount bankrupt the key $4,000 attrition and after adapted lower adjoin the US Dollar. BTC is in an uptrend and dips abide accurate abreast $3,850 or $3,770.
Finally, there was a breach aloft the $4,000 barrier in bitcoin amount adjoin the US Dollar. The BTC/USD brace alike bankrupt the $4,050 and $4,100 attrition levels. A new account aerial was formed at $4,173 and after the amount adapted lower. It confused beneath the 23.6% Fib retracement akin of the aftermost leg from the $3,657 low to $4,173 high. The amount alike bankrupt the $4,000 support, but it is currently able-bodied aloft the 100 alternate simple affective average.
The 50% Fib retracement akin of the aftermost leg from the $3,657 low to $4,173 aerial is currently preventing losses abreast $3,915. Moreover, yesterday’s key bullish trend band is in abode with abutment at $3,850 on the alternate blueprint of the BTC/USD pair. Therefore, the amount is acceptable to acquisition a solid abutment abreast the $3,850 level. If there is a downside extension, the amount may abatement appear the key $3,770 support. The abutting abutment is abreast $3,655 and the 100 alternate SMA, followed by the capital abutment is at $3,580.
Looking at the chart, bitcoin amount is currently accumulation assets aloft $3,770. It may abatement a few credibility appear $3,770 or $3,650, but it is acceptable to animation back. On the upside, the key resistances are $4,050, $4,150 and $4,320.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI afresh biconcave beneath the 50 level.
Major Support Level – $3,770
Major Resistance Level – $4,150
