THELOGICALINDIAN - Bitcoin amount formed a appropriate abutment and recovered aloft 3780 adjoin the US Dollar However BTC abide a advertise as continued as it is trading beneath the key 3860 and 3900 attrition levels
Bitcoin Price Analysis
After a major decline beneath the $4,000 support, bitcoin amount begin abutment abreast $3,625 adjoin the US Dollar. The BTC/USD brace started an upside alteration and traded aloft the $3,700 and $3,750 attrition levels. There was a advance aloft the 23.6% Fib retracement akin of the aftermost downside move from the $4,188 aerial to $3,625 low. It opened the doors for a beyond accretion aloft the $3,800 level. However, the amount struggled to breach the key $3,860 attrition and after the amount started accumulation gains.
To the downside, the $3,750 akin acted as a appropriate support. The amount formed a abutment abject and after confused aloft $3,780. Recently, there was a breach aloft a abbreviate appellation application triangle with attrition at $3,795 on the alternate blueprint of the BTC/USD pair. The brace is slowly affective higher and it seems like it could retest the key $3,860 attrition level. However, the capital attrition is abreast the $3,880 akin and the 100 alternate simple affective average. Aloft the 100 alternate SMA, the amount could analysis the $3,900 axis level.
Finally, the 50% Fib retracement akin of the aftermost downside move from the $4,188 aerial to $3,625 low is aloof aloft $3,900. Therefore, it seems like there are abounding resistances formed abreast the $3,860, $3,880 and $3,900 levels. To alpha a appropriate advancement move, a abutting aloft the $3,880 akin and the 100 alternate SMA is actual important.
Looking at the chart, bitcoin amount may conceivably abide to attempt as continued as it is beneath $3,900. On the downside, the capital abutment is at $3,750, beneath which there is a accident of added losses. The abutting key abutment is at $3,720 and $3,700.
Technical indicators
Hourly MACD – The MACD is currently collapsed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD managed to move aloft the 50 level, with a few absolute signs.
Major Support Level – $3,750 followed by $3,720.
Major Resistance Level – $3,860, $3,880 and 3,900.
