THELOGICALINDIAN - Key Points
Bitcoin amount is accumulation losses aloft the $3,600 abutment adjoin the US Dollar. BTC may abide to attempt and it could alike breach the $3,500 axis area.
The accomplished few hours were mostly bearish for bitcoin amount beneath the $3,840 attrition adjoin the US Dollar. The BTC/USD brace started an upside alteration afterwards trading as low as $3,669. It confused aloft the $3,700 and $3,740 levels. There was alike a breach aloft the 23.6% Fib retracement akin of the contempo bead from the $4,250 beat aerial to $3,669 low. However, the upside move was capped by the $3,840 and $3,850 resistances.
Moreover, there is a above bearish trend band in abode with attrition at $3,800 on the alternate blueprint of the BTC/USD pair. The brace needs to breach the trend band and the $3,840 attrition to gain momentum. The abutting attrition is abreast the $3,960 level. It represents the 50% Fib retracement akin of the contempo bead from the $4,250 beat aerial to $3,669 low. An boilerplate attrition is abreast the $3,900 akin and the 100 alternate simple affective average.
Looking at the chart, bitcoin amount may abide to move bottomward if there is no breach aloft $3,900. On the downside, a breach beneath the $3,660 and $3,600 abutment levels could advance losses. The abutting key abutment is at $3,500, which may act as a appropriate buy zone.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI confused aback beneath 50 akin with a bearish angle.
Major Support Level – $3,660
Major Resistance Level – $3,900
