THELOGICALINDIAN - Key Points
Bitcoin amount is assuming absolute signs aloft $3,120 adjoin the US Dollar. BTC could backlash in the abbreviate appellation appear the $3,320 or $3,400 levels.
This accomplished week, there was fresh decline beneath $3,300 in bitcoin amount adjoin the US Dollar. The BTC/USD brace alike bankrupt the $3,250 and $3,200 abutment levels. A new low was formed at $3,121 and after the amount formed a appropriate abutment aloft $3,120. As a result, the amount started a abbreviate appellation alteration and traded aloft the $3,180 and $3,200 attrition levels. There was additionally a breach aloft the 23.6% Fib retracement akin of the aftermost bead from the $3,487 aerial to $3,121 low.
However, the upward move was protected by the $3,260 akin and the 100 alternate simple affective average. There is additionally a aloft bearish trend band formed with attrition at $3,220 on the alternate blueprint of the BTC/USD pair. The accepted amount activity indicates that the amount could breach the trendline, $3,200, and the 100 alternate SMA. A acknowledged abutting aloft $3,220 may advance the amount appear $3,300 and $3,320. The 50% Fib retracement akin of the aftermost bead from the $3,487 aerial to $3,121 low is additionally at $3,304.
Looking at the chart, bitcoin amount seems to be ambience up for a bullish breach aloft $3,220. If BTC buyers abort to accretion drive aloft $3,220, there could be a beginning accelerate appear $3,120 or $3,080.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is about to move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI confused aloft the 50 level.
Major Support Level – $3,120
Major Resistance Level – $3,325
