THELOGICALINDIAN - Bitcoin amount confused beneath 3700 and after recovered acutely adjoin the US Dollar BTC is pointing bullish signals and it could abide to acceleration appear 4000 in the abreast term
Bitcoin Price Analysis
Yesterday, we discussed the chances of added losses if bitcoin amount breach the $3,750 abutment adjoin the US Dollar. The BTC/USD brace did breach the $3,750 abutment and beneath beneath the $3,700 level. There was a aciculate bottomward move and the amount activated the $3,650 support. A new account low was formed at $3,653 and after the amount bounced back. The contempo accretion was able as the amount climbed aloft the $3,750 and $3,760 attrition levels.
There was a breach aloft the 61.8% Fib retracement akin of the contempo abatement from the $3,827 aerial to $3,653 low. Added importantly, there was a breach aloft a aloft bearish trend band with attrition at $3,785 on the alternate blueprint of the BTC/USD pair. It has opened the doors for added assets aloft the $3,800 level. BTC is currently trading aloft the 76.4% Fib retracement akin of the contempo abatement from the $3,827 aerial to $3,653 low. Therefore, there are affairs of added assets aloft the aftermost beat aerial at $3,827. An actual attrition is at $3,830 and the 100 alternate simple affective average.
If there is a breach aloft the 100 alternate SMA, the amount could ascend appear the $3,860 resistance. A acknowledged abutting aloft $3,860 and $3,900 will best acceptable set the accent for a assemblage appear the $4,000 resistance. In the mentioned case, the amount may alike ascend aloft $4,050. On the added hand, an antecedent abutment is at $3,760, beneath which the amount could analysis $3,700.
Looking at the chart, bitcoin amount is boring affective into the absolute area aloft $3,800. However, it charge accretion drive aloft the $3,860 and $3,900 resistances to ascend added higher. In the abbreviate term, there could be ambit moves afore the amount makes the abutting move either aloft $3,900 or dive aback to $3,700.
Technical indicators
Hourly MACD – The MACD is boring accepting drive in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD climbed aback aloft the 50 level.
Major Support Level – $3,750 followed by $3,720.
Major Resistance Level – $3,830, $3,860 and 3,900.
