THELOGICALINDIAN - Bitcoin amount recovered accurately from the 3340 beat low adjoin the US Dollar However BTC amount is still beneath a few key hurdles abreast the 3475 and 3500 levels
Bitcoin Price Analysis
Recently, bitcoin amount formed a appropriate abutment abreast $3,360 adjoin the US Dollar. The BTC/USD brace started a short appellation rebound and confused aloft the $3,400 attrition zone. Buyers managed to affected affairs burden aloft the $3,400 and $3,420 axis levels. The amount climbed aloft the 50% Fib retracement akin of the aftermost accelerate from the $3,560 aerial to $3,345 beat low. It opened the doors for added assets and the amount acicular aloft $3,450 and the 100 alternate simple affective average.
More importantly, this week’s followed above bearish trend band was breached with attrition at $3,440 on the alternate blueprint of the BTC/USD pair. The brace activated the $3,475 attrition area, area sellers emerged. Besides, the 61.8% Fib retracement akin of the aftermost accelerate from the $3,560 aerial to $3,345 beat low acted as a resistance. The amount is currently accumulation assets abreast $3,440 and the 100 alternate SMA. On the downside, there is a appropriate abutment formed abreast $3,420. There is additionally a abutting bullish trend band formed with abutment at $3,410 on the aforementioned chart. Therefore, buyers could assure declines beneath $3,400 if there is a downside correction.
Looking at the chart, bitcoin amount fabricated a nice advancement move aloft $3,400. Having said that, the amount is still trading beneath a few important resistances, including $3,475, $3,500 and $3,516. Unless there is a circadian abutting aloft $3,516, the amount charcoal at a accident of a beginning drop.
Technical indicators
Hourly MACD – The MACD is acceptable to move aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently able-bodied aloft the 50 level.
Major Support Level – $3,410
Major Resistance Level – $3,516
