THELOGICALINDIAN - Bitcoin amount is assuming absolute signs aloft the 3520 akin abutment adjoin the US Dollar Having said that BTC is disturbing to bright the key 3600 attrition level
Bitcoin Price Analysis
Yesterday, we discussed the chances of added losses beneath the $3,500 akin in bitcoin amount adjoin the US Dollar. The BTC/USD brace did abatement beneath the $3,500 and $3,480 abutment levels. The brace acicular appear the $3,450 akin and after bounced back. Buyers were acknowledged in blame the amount aback aloft $3,480 and $3,500. It can be advised as a apocryphal breach back there was no alternate abutting beneath $3,480. The contempo accretion was solid aloft $3,550 and the 50% Fib retracement akin of the downside move from the $3,700 beat aerial to $3,465 low.
However, the amount ran into a cogent attrition abreast $3,600 and the 100 alternate simple affective average. More importantly, yesterday’s accent key bearish trend band is complete with attrition abreast $3,600 on the alternate blueprint of the BTC/USD pair. Finally, the 61.8% Fib retracement akin of the downside move from the $3,700 beat aerial to $3,465 low is additionally acting as a hurdle. Therefore, there are two accessible scenarios, with the axis akin at $3,600. First, the amount break the trend band and $3,600 to alpha a solid advancement move. Second, buyers abort to accretion absorption aloft $3,600, consistent in a bead aback to $3,500.
Looking at the chart, bitcoin amount seems to be trading abreast a acute choice at $3,600. There are aerial affairs of added gains, but it won’t be accessible for buyers to bright the $3,600 barrier.
Technical indicators
Hourly MACD – The MACD for BTC/USD is boring affective aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently placed accurately aloft the 50 level.
Major Support Level – $3,500
Major Resistance Level – $3,600
