THELOGICALINDIAN - Bitcoin amount is boring affective college with absolute signs adjoin the US Dollar BTC needs to affected sellers abreast 3580 and 3600 for a abiding move college in the abreast term
Bitcoin Price Analysis
After basic a support base aloft the $3,500 level, bitcoin amount started an upside alteration adjoin the US Dollar. The BTC/USD brace acquired drive aloft the $3,545 and $3,550 attrition levels. There was additionally a abutting aloft the $3,550 akin and the 100 alternate simple affective average. Besides, buyers pushed the amount aloft this week’s acute bearish trend band with attrition at $3,555. However, the amount is adverse a lot of hurdles abreast the $3,585 and $3,600 attrition levels.
If there is a acknowledged abutting aloft the $3,600 resistance, the amount may abide to move higher. The abutting important resistances are $3,750 and $3,785, followed by the key $3,800 barrier. On the downside, an antecedent abutment is abreast the $3,550 akin and the 100 alternate simple affective average. Moreover, there is a abutting bullish trend band formed with abutment at $3,545 on the alternate blueprint of the BTC/USD pair. Below the trend line, the 50% Fib retracement akin of the aftermost leg from the $3,440 low to $3,614 aerial is at $3,528. Therefore, there abounding supports on the downside aloft the $3,520 level.
Looking at the chart, bitcoin amount is assuming a few absolute signs aloft the $3,550 abutment level. Having said that, buyers charge to accretion absorption aloft $3,600 for a abiding move higher. If not, there is a accident of a breach beneath $3,500 and the 61.8% Fib retracement akin of the aftermost leg from the $3,440 low to $3,614 high.
Technical indicators
Hourly MACD – The MACD for BTC/USD is mostly collapsed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently flirting with the 50 level.
Major Support Level – $3,500
Major Resistance Level – $3,600
