THELOGICALINDIAN - Key Points
Bitcoin amount beneath beneath the $3,200 abutment afresh adjoin the US Dollar. BTC could abide to face a lot of affairs absorption abreast the $3,350 and $3,375 levels.
Yesterday, we discussed the affairs of a fresh account low beneath $3,200 in bitcoin amount adjoin the US Dollar. The BTC/USD brace did barter lower and bankrupt the $3,295 and $3,260 abutment levels. The amount alike bankrupt the $3,200 abutment breadth to arresting a above bearish wave. A new account low was formed at $3,150 and it seems like the amount charcoal in a cogent downtrend.
During the decline, there was a breach beneath a aloft application triangle with abutment at $3,355 on the alternate blueprint of the BTC/USD pair. The brace is now trading able-bodied beneath the $3,400 akin and the 100 alternate simple affective average. It afresh adapted aloft the $3,230 akin and the 23.6% Fib retracement akin of the aftermost accelerate from the $3,491 aerial to $3,150 low. However, buyers struggled to bright the $3,265-3,300 attrition zone. The abutting major hurdle is abreast the $3,360 level. It coincides with the 61.8% Fib retracement akin of the aftermost accelerate from the $3,491 aerial to $3,150 low. Besides, the triangle attrition trend band is at $3,375 to anticipate gains.
Looking at the chart, bitcoin amount is acutely trading in a bearish area beneath $3,375. There could be added losses beneath $3,150 and $3,000 in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring abbreviation its bearish slope.
Hourly RSI (Relative Strength Index) – The RSI is still able-bodied beneath the 40 level.
Major Support Level – $3,200
Major Resistance Level – $3,375
