THELOGICALINDIAN - Bitcoin amount is ambience up for the abutting acute breach adjoin the US Dollar BTC could accretion bullish drive if it clears the 3620 and 3650 attrition levels in the abreast term
Bitcoin Price Analysis
Recently, we saw an intermediate aerial at $3,658 in bitcoin amount adjoin the US Dollar. Later, the BTC/USD brace adapted lower and traded beneath the $3,600 and $3,580 abutment levels. However, the $3,540 and $3,550 abutment levels acted as a able barrier for sellers. A low was formed at $3,539 and after the amount bounced aback aloft $3,580. The amount bankrupt the $3,600 attrition and the 100 alternate simple affective average. Besides, there was a breach aloft the 50% Fib retracement akin of the aftermost bead from the $3,658 aerial to $3,539 low.
However, the amount faced a able attrition abreast the $3,610-3,620 zone. Added importantly, yesterday’s application triangle is in abode with attrition abreast $3,610 on the alternate blueprint of the BTC/USD pair. The brace seems to be disturbing abreast the 61.8% Fib retracement akin of the aftermost bead from the $3,658 aerial to $3,539 low. Therefore, a acknowledged breach aloft $3,610 and chase through aloft $3,620 could set the clip for added gains. The main attrition is at $3,650, aloft which the amount ability revisit $3,720. On the added hand, a downside breach beneath $3,580 could animate sellers to advance the amount added lower.
Looking at the chart, bitcoin amount seems to be ambience up for the abutting key breach either aloft $3,620 or beneath $3,580. The amount activity is positive, but buyers charge to accretion backbone aloft $3,620 for a able chase through.
Technical indicators
Hourly MACD – The MACD is currently collapsed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is placed aloft the 50 level, with a bullish angle.
Major Support Level – $3,580
Major Resistance Level – $3,620
