THELOGICALINDIAN - Key Points
Bitcoin amount is accepting bullish drive adjoin the US Dollar. BTC may dip a few points, but it charcoal accurate abreast $3,700 and $3,625.
Recently, there was a downside reaction from the $4,032 aerial in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded beneath the $3,900 and $3,820 abutment levels. Later, the amount beneath beneath the $3,700 akin afore buyers appeared abreast the $3,625 support. A abject was formed and the amount started a beginning advancement move. It bankrupt the $3,700 attrition and the 100 alternate simple affective average.
The amount austere the 23.6% Fib retracement akin of the aftermost abatement from the $4,032 aerial to $3,625 low. Moreover, there was a breach aloft a aloft bearish trend band with attrition at $3,710 on the alternate blueprint of the BTC/USD pair. The amount acicular aloft the 50% Fib retracement akin of the aftermost abatement from the $4,032 aerial to $3,625 low. However, there was no able abutting aloft the $3,820-3,850 resistance area. At the outset, the amount is acclimation lower and it may dip a few credibility appear the $3,720 or $3,700 levels.
Looking at the chart, bitcoin amount charcoal able-bodied accurate on the downside aloft $3,700 and $3,625. On the upside, buyers charge to bright the $3,850 and $3,890 attrition levels to advance the amount appear $4,000.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is assuming absolute signs in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is placed able-bodied aloft the 50 akin with a accessory bearish angle.
Major Support Level – $3,700
Major Resistance Level – $3,850
