THELOGICALINDIAN - Bitcoin amount confused aback in a bearish area beneath 3440 adjoin the US Dollar BTC amount ability actual a few credibility but upsides are acceptable to face sellers abreast 3440 or 3475
Bitcoin Price Analysis
This accomplished week, bitcoin amount fabricated a brace of attempts to breach the $3,475-$3,500 resistance adjoin the US Dollar. However, the BTC/USD brace bootless to accretion backbone aloft $3,480 and started a beginning decline. It beneath beneath the $3,440 abutment and the 100 alternate simple affective average. Moreover, there was a breach beneath the 50% Fib retracement akin of the aftermost leg from the $3,345 beat low to $3,493 high. It opened the doors for added losses beneath the $3,400 abutment level.
More importantly, there was a breach beneath a abutting bullish trend band with abutment at $3,420 on the alternate blueprint of the BTC/USD pair. The brace traded as low as $3,389 and it is currently acclimation higher. It activated the 23.6% Fib retracement akin of the contempo abatement from the $3,493 aerial to $3,389 low. However, there are abounding resistances, starting with $3,425 and the 100 alternate SMA. The abutting key attrition is abreast the $3,440 level. It represents the 50% Fib retracement akin of the contempo abatement from the $3,493 aerial to $3,389 low. Having said that, the capital attrition is abreast the $3,475-$3,500 area, aloft which the price ability breach $3,500.
Looking at the chart, bitcoin amount is trading aloft the $3,375 abutment level. The accepted amount activity is bearish, but there could be a abbreviate appellation alteration appear the $3,440 resistance.
Technical indicators
Hourly MACD – The MACD is boring affective aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloof abreast the 50 level, with a absolute bias.
Major Support Level – $3,370
Major Resistance Level – $3,440
