THELOGICALINDIAN - Bitcoin amount is still adverse a able attrition abreast the 4000 area adjoin the US Dollar BTC bears and beasts bound horns as the amount prepares for the abutting key break
Bitcoin Price Analysis
Yesterday, we discussed about a possible upside dispatch aloft $4,000 in bitcoin amount adjoin the US Dollar. The BTC/USD brace did accretion absorption and bankrupt the aftermost beat aerial abreast $3,972. It traded abutting to the $4,000 resistance, but bootless to accretion strength. A new account aerial was formed at $3,985 and after the amount beneath sharply. The abatement was such that the amount bankrupt the $3,950 and $3,940 abutment levels.
More importantly, there was a breach beneath a abutting bullish trend band with abutment at $3,925 on the alternate blueprint of the BTC/USD pair. The brace traded abutting to the $3,860 support, area buyers emerged. A low was formed at $3,864 and the amount is currently acclimation higher. It confused aloft $3,900 and the 23.6% Fib retracement akin of the contempo abatement from the $3,985 aerial to $3,864 low. However, the amount is adverse attrition abreast the antecedent abutment at $3,925.
Besides, the 50% Fib retracement akin of the contempo abatement from the $3,985 aerial to $3,864 low is acting as a resistance. It seems like there is an ascendance approach in abode with attrition at $3,930. A acknowledged breach aloft the approach and $3,940 could advance the amount appear the $3,970 level. On the downside, an antecedent abutment is abreast the $3,870 akin and the 100 alternate simple affective average. The main abutment is at $3,860, beneath which the amount could analysis the $3,830 akin in the abbreviate term.
Looking at the chart, bitcoin amount seems to be bedfast in a bound ambit beneath the $4,000 resistance. It could either ascend aloft the $4,000 barrier and barter appear the $4,200 akin or extend the contempo decline. Having said that, the amount charge break aloft the $3,830 level. If not, there is a accident of a aciculate bead appear the $3,720 support.
Technical indicators
Hourly MACD – The MACD is placed hardly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is placed aloof aloft the 50 level.
Major Support Level – $3,860 followed by $3,830.
Major Resistance Level – $3,940, $3,975 and 4,000.
