THELOGICALINDIAN - Bitcoin amount biconcave to a new annual low and after recovered adjoin the US Dollar BTC could abatement already afresh if it fails to breach the 34503480 attrition breadth in the abbreviate term
Bitcoin Price Analysis
Yesterday, we saw a major decline in bitcoin amount beneath the $3,400 abutment adjoin the US Dollar. The BTC/USD brace traded beneath the $3,360 abutment and formed a new annual low at $3,344. Later, there was a beginning upside alteration aloft the $3,380 and $3,400 levels. The amount confused aloft the 23.6% Fib retracement akin of the aftermost bead from the $3,560 beat aerial to $3,344 low. Buyers were able to advance the amount aloft the $3,420 level, but there is a able attrition formed abreast the $3,450 level.
Besides, yesterday’s accent key bearish trend band is complete with attrition at $3,450 on the alternate blueprint of the BTC/USD pair. The trend band attrition coincides with the 50% Fib retracement akin of the aftermost bead from the $3,560 beat aerial to $3,344 low. Therefore, a able breach aloft the trend band and $3,452 is charge for added gains. The abutting aloft attrition is abreast the $3,500 level. An average attrition is $3,480 and the 100 alternate simple affective average. On the added hand, if buyers abort to accretion backbone aloft $3,450 and $3,480, there could be a beginning bearish wave.
Looking at the chart, bitcoin amount is abutting the key $3,450 resistance. On the downside, an antecedent abutment is at $3,375, beneath which the amount may revisit the $3,340 level, followed by $3,300.
Technical indicators
Hourly MACD – The MACD for BTC/USD is boring accepting drive in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now placed aloft the 50 level.
Major Support Level – $3,340
Major Resistance Level – $3,450
