THELOGICALINDIAN - Bitcoin amount traded to a new account aerial aloft 4100 adjoin the US Dollar BTC is acclimation lower but dips abide accurate aloft 3940 in the abreast term
Bitcoin Price Analysis
Yesterday, we discussed about a couple of important supports abreast $3,940 for bitcoin amount adjoin the US Dollar. The BTC/USD brace did actual lower recently, but it begin abutment abreast $3,940. Later, the amount recovered accurately aloft $4,000 and the $4,050 levels. Buyers alike breached the aftermost beat aerial at $4,084 and a new account aerial was formed at $4,113. However, buyers bootless to absorb strength, consistent in a bead beneath $4,080.
The amount alike bankrupt the $4,000 abutment and traded abutting to the $3,950 level. A beat low was formed at $3,966 and the amount backward aloft the 100 alternate simple affective average. More importantly, yesterday’s accent key bullish trend band is complete with abutment at $3,990 on the alternate blueprint of the BTC/USD pair. The brace is now trading aloft the 23.6% Fib retracement akin of the contempo abatement from the $4,113 aerial to $3,966 low. The accepted amount activity is hardly bearish beneath $4,050. Therefore, there is a accident of a dip appear the $3,950 abutment to ample buy orders. On the upside, a breach aloft the $4,040 and $4,050 is bare for more gains. Besides, the 50% Fib retracement akin of the contempo abatement from the $4,113 aerial to $3,966 low is at $4,040.
Looking at the chart, bitcoin amount is able-bodied accurate aloft the $3,940. Having said that, a breach aloft the $4,040 and $4,080 levels is bare for added gains.
Technical indicators
Hourly MACD – The MACD for BTC/USD is about to move aback in the bearish zone, with a abrogating bias.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD aloof biconcave beneath the 50 level, with a bearish angle.
Major Support Level – $3,940
Major Resistance Level – $4,080
