THELOGICALINDIAN - Key Points
Bitcoin amount is assuming absolute signs aloft $3,800 adjoin the US Dollar. BTC charcoal able-bodied accurate on the downside for added assets aloft $4,000.
Yesterday, we discussed that bitcoin amount remains buy on dips abreast the $3,700 akin adjoin the US Dollar. The BTC/USD brace remained in a nice uptrend and it confused aloft the $3,820 and $3,900 attrition levels. The amount traded as aerial as $3,923 and it is currently acclimation lower. It bankrupt the $3,900 support, but it is placed able-bodied aloft the 100 alternate simple affective average.
At the outset, the amount is testing the 23.6% Fib retracement akin of the contempo beachcomber from the $3,646 low to $3,923 high. More importantly, there is a key ascendance approach formed with abutment at $3,850 on the alternate blueprint of the BTC/USD pair. Should there be a downside breach beneath the approach support, the amount may analysis the $3,780 support. It represents the 50% Fib retracement akin of the contempo beachcomber from the $3,646 low to $3,923 high. Therefore, if the amount corrects lower in the abbreviate term, buyers may appear abreast $3,850 or $3,780. On the upside, a breach aloft the $3,900 and $3,930 levels may advance the amount appear $4,000.
Looking at the chart, bitcoin amount is trading accurately aloft the $3,780 support. If there are added declines, the abutting key abutment is abreast the $3,750 and the 100 alternate SMA.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is placed accurately aloft the 50 level.
Major Support Level – $3,780
Major Resistance Level – $3,930
