THELOGICALINDIAN - Bitcoin amount confused into a bearish area beneath 3500 adjoin the US Dollar BTC ability extend the accepted abatement appear the abutting key abutment at 3200 or alike 3000
Bitcoin Price Analysis
This accomplished week, we discussed a couple of important hurdles abreast $3,600 and $3,650 for bitcoin amount adjoin the US Dollar. The BTC/USD brace bootless to beat the $3,650 attrition and assuredly reacted to the downside. There was a aciculate abatement beneath the $3,520 support, which abject Ethereum, ripple and altcoins lower. The amount alike bankrupt the $3,480 abutment akin and the 100 alternate simple affective average. During the decline, there was a breach beneath a abutting abutment trend band at $3,485. It opened the doors for added losses beneath $3,450.
A new account low was formed at $3,403 and the amount confused into a bearish zone. If there is an upside correction, the amount may acquisition offers abreast $3,450. The abutting attrition is the 23.6% Fib retracement akin of the aftermost bead from the $3,672 aerial to $3,403 low. The capital attrition is abreast $3,500 and a bearish trend band on the alternate blueprint of the BTC/USD pair. Therefore, if the brace corrects higher, it is acceptable to face sellers abreast $3,450 or $3,500.
Looking at the chart, bitcoin amount is aback in a abrogating area beneath $3,500. It seems like there are affairs of added losses appear the $3,200 support. If $3,200 fails to hold, the amount may analysis $3,000. On the added hand, a able abutting aloft $3,500 ability advance the amount aback in a absolute zone.
Technical indicators
Hourly MACD – The MACD for BTC/USD is placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is placed in the oversold breadth beneath 20.
Major Support Level – $3,200
Major Resistance Level – $3,500
