THELOGICALINDIAN - Bitcoin amount climbed college and acclimatized aloft the 3500 attrition adjoin the US Dollar BTC is currently acclimation lower but dips abide accurate aloft the 100 alternate SMA
Bitcoin Price Analysis
In the weekly analysis, we saw a solid advancement move aloft $3,500 in bitcoin amount adjoin the US Dollar. The BTC/USD brace alike bankrupt the $3,600 and $3,650 attrition levels. A beginning annual aerial was formed at $3,745 and the amount acclimatized aloft the 100 alternate simple affective average. Later, the amount started a downside alteration and traded beneath the $3,700 and $3,650 levels. There was a breach beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $3,341 low to $3,745 high.
At the moment, the $3,580 akin is acting as a able support. If there is a downside break, the amount could analysis the $3,550 abutment level. It additionally coincides with the 50% Fib retracement akin of the aftermost beachcomber from the $3,341 low to $3,745 high. More importantly, the 100 alternate simple affective average is positioned at $3,525 to act as a able support. On the upside, an antecedent attrition is abreast the $3,625 level. There is additionally a key bearish trend band formed with attrition at $3,640 on the alternate blueprint of the BTC/USD pair. The brace charge breach the trend band and $3,650 for a beginning advancement move.
Looking at the chart, bitcoin amount is assuming signs of a downside alteration beneath $3,600. However, as continued as the amount is aloft the $3,550 and $3,500 abutment levels, buyers abide in action.
Technical indicators
Hourly MACD – The MACD confused aback in the bearish zone, with a abrogating angle.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied beneath the 50 level, with a bearish bias.
Major Support Level – $3,550
Major Resistance Level – $3,650
