THELOGICALINDIAN - Bitcoin amount bootless to break aloft 3400 and continued abatement adjoin the US Dollar BTC amount bankrupt the 3375 abutment aperture the doors for added losses beneath the 3320 support
Bitcoin Price Analysis
There was a downside reaction afterwards bitcoin amount bootless to barter aloft the $3,430 and $3,440 resistances adjoin the US Dollar. The BTC/USD brace beneath beneath the $3,400 abutment to move into a bearish zone. Sellers pushed the amount beneath the 61.8% Fib retracement akin of the aftermost beachcomber from the $3,372 low to $3,490 beat high. Finally, there was a breach beneath the $3,375 abutment and the 100 alternate simple affective average.
Moreover, there was a breach beneath a aloft bullish trend band with abutment at $3,405 on the alternate blueprint of the BTC/USD pair. The brace traded to a new account low at $3,350 and after adapted a few points. It traded aloft the 23.6% Fib retracement akin of the contempo abatement from the $3,444 aerial to $3,350 low. The accepted amount activity is bearish and any upside alteration appear the $3,400 akin could acquisition sellers. The capital attrition is abreast the $3,400 akin and the 50% Fib retracement akin of the contempo abatement from the $3,444 aerial to $3,350 low. On the added hand, if the amount resumes its decline, there could be a breach beneath the $3,350 low.
Looking at the chart, bitcoin amount is acutely signaling bearish addendum beneath the $3,375 and $3,350 levels. The abutting key abutment is at $3,320, beneath which the amount ability analysis the $3,200 level.
Technical indicators
Hourly MACD – The MACD is currently accepting backbone in the bearish zone, with no assurance of a recovery.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the oversold levels, with aloof moves.
Major Support Level – $3,350
Major Resistance Level – $3,400
