THELOGICALINDIAN - Bitcoin amount adapted lower beneath 4000 adjoin the US Dollar BTC is now trading aloft the 3940 and 3900 abutment levels and it could animation back
Bitcoin Price Analysis
Yesterday, we saw a nice advancement move aloft $4,000 in bitcoin amount adjoin the US Dollar. The BTC/USD brace acquired bullish drive and traded appear the $4,100 level. A new account aerial was formed at $4,084 and after the amount started a downside correction. It confused beneath the $4,000 and $3,980 abutment levels. Moreover, there was a breach beneath the 23.6% Fib retracement akin of the contempo upside from the $3,759 low to $4,084 high.
The amount traded abutting to the $3,900 akin and activated the $3,920 support. There was no complete analysis of the 50% Fib retracement akin of the contempo upside from the $3,759 low to $4,084 high. At the outset, the amount is accumulation aloft the $3,950 level. On the downside, the capital abutment is abreast $3,950. There is additionally a aloft bullish trend band formed with abutment at $3,940 on the alternate blueprint of the BTC/USD pair. Beneath the trend line, the abutting key abutment is abreast the $3,920 level. On the upside, there is a abutting bearish trend band with attrition at $4,000 on the aforementioned chart. Therefore, the amount could accomplish the next move either aloft $4,000 or beneath $3,920 in the abreast term.
Looking at the chart, bitcoin amount seems to be advancing for the abutting move either aloft $4,000 or beneath $3,920. Aloft $4,000, BTC could analysis the $4,080 and $4,100 attrition levels.
Technical indicators
Hourly MACD – The MACD for BTC/USD is now placed in the bearish zone, advertence a abrogating bias.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is able-bodied beneath the 50 level, with a bearish angle.
Major Support Level – $3,940
Major Resistance Level – $4,000
