THELOGICALINDIAN - Key Points
Bitcoin amount is boring extending losses beneath $3,400 adjoin the US Dollar. BTC could advance losses if buyers abide to attempt abreast $3,440-3,500.
During the accomplished few hours, there were bearish moves beneath $3,500 in bitcoin amount adjoin the US Dollar. The BTC/USD brace afresh acclimatized beneath the $3,400 akin and the 100 alternate simple affective average. A new intraday low was formed at $3,295 and after the amount adapted a few credibility higher. On the upside, an antecedent attrition is abreast the 23.6% Fib retracement akin of the contempo accelerate from the $3,635 aerial to $3,295 low.
However, the aboriginal aloft attrition is abreast $3,420 and the 100 alternate SMA. More importantly, this week’s followed key bearish trend band is in abode with attrition at $3,440 on the alternate blueprint of the BTC/USD pair. Aloft the trend line, there is a solid resistance abreast $3,475. It coincides with the antecedent highs and the 50% Fib retracement akin of the contempo slide. Therefore, a acknowledged breach aloft $3,440 and $3,475 is bare for a accretion aloft $3,500. On the added hand, if buyers continues to abort abreast $3,475 or the trend line, there could be a downside reaction.
Looking at the chart, bitcoin amount is acceptable to extend losses beneath the $3,295 low or $3,250 if there is no breach aloft $3,500. Further beneath $3,250, the amount may alike accelerate appear $3,020.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is hardly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is assuming a accessory bullish alteration aloft 40.
Major Support Level – $3,295
Major Resistance Level – $3,475
