THELOGICALINDIAN - Bitcoin amount is acceptable ambience up for the abutting breach aloft 4000 adjoin the US Dollar BTC could accretion bullish drive appear 4200 if it succeeds in before the 4000 resistance
Bitcoin Price Analysis
Yesterday, we saw a minor downside correction from the $3,975 beat aerial in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded beneath the $3,900 abutment level, but it begin abutment abreast the $3,860 level. Later, it formed a abutment abject aloft $3,860 and assuredly started a beginning advancement move. It bankrupt the 50% Fib retracement akin of the contempo abatement from the $3,974 aerial to $3,861 low. Besides, there was a breach aloft a abutting bearish trend band at $3,900 on the alternate blueprint of the BTC/USD pair.
The brace acclimatized aloft the $3,920 akin and traded abutting to the $3,950 resistance. BTC activated the 76.4% Fib retracement akin of the contempo abatement from the $3,974 aerial to $3,861 low. It is currently accumulation beneath $3,950, with a bullish angle. The accepted amount activity is absolute and it seems like there could be added gains aloft $3,950 and $3,975. However, a acknowledged breach aloft the $4,000 attrition is charge for an upside acceleration. The abutting key attrition is abreast $4,180 and $4,200 levels.
On the downside, the capital abutment is abreast the $3,900 level. There is additionally a above bullish trend band formed with abutment at $3,900 on the aforementioned chart. Should BTC abatement beneath the trend line, it could analysis the $3,860 and $3,830 abutment levels. The final abutment is at $3,800 and the 100 alternate simple affective average. Beneath the 100 alternate SMA, the amount could abatement appear $3,720.
Looking at the chart, bitcoin amount is acutely trading with a bullish bent aloft the $3,900 and $3,860 supports. Therefore, there are aerial affairs of added upsides aloft the $3,975 and $4,000 resistance. Buyers could aim for $4,200 if there is a acknowledged alternate abutting aloft the $4,000 barrier in the abreast term.
Technical indicators
Hourly MACD – The MACD is boring accepting backbone in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently able-bodied aloft the 50 level, with a absolute angle.
Major Support Level – $3,900 followed by $3,860.
Major Resistance Level – $3,950. $3,975 and 4,000.
