THELOGICALINDIAN - Bitcoin amount acquired bullish drive and austere 4000 adjoin the US Dollar BTC could actual a few credibility but it is acceptable to resume uptrend aloft 4100
Bitcoin Price Analysis
Recently, we discussed about a possible upside break aloft $4,000 in bitcoin amount adjoin the US Dollar. The BTC/USD brace did move college and bankrupt the $3,950 and $4,000 attrition levels. The contempo advancement move was able as the amount alike austere the $4,050 akin and 100 alternate simple affective average. More importantly, there was a solid alternate candle formed, acute the $4,000 barrier.
During the rise, there was a breach aloft a above bearish trend band with attrition at $3,830 on the alternate blueprint of the BTC/USD pair. The brace traded as aerial as $4,082 and after started accumulation gains. An antecedent abutment is the 23.6% Fib retracement akin of the aftermost beachcomber from the $3,762 low to $4,082 high. Below $4,000, the amount may move appear the $3,920 abutment level. It represents the 50% Fib retracement akin of the aftermost beachcomber from the $3,762 low to $4,082 high. The main support for buyers is abreast the $3,860 level, which was a able attrition this accomplished week. Therefore, if there is a downside correction, the amount may acquisition bids abreast the $4,000 and $3,920 levels.
Looking at the chart, bitcoin amount acutely bankrupt a acute attrition abreast $4,000 and $4,050. It is currently placed accurately aloft the 100 alternate SMA, but it charge bright the $4,080-4,100 barrier for added gains. The abutting key attrition is at $4,200 followed by $4,220.
Technical indicators
Hourly MACD – The MACD for BTC/USD is boring affective in the bearish zone, suggesting a downside correction.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is able-bodied beneath the 60 level, with a absolute bias.
Major Support Level – $3,920
Major Resistance Level – $4,100
