THELOGICALINDIAN - Bitcoin amount bankrupt a key attrition abreast 3600 afresh adjoin the US Dollar The accepted amount activity is absolute signaling an upside addendum aloft 3700 in the abreast term
Bitcoin Price Analysis
There was yet another rejection abreast the $3,660 attrition in bitcoin amount adjoin the US Dollar. The BTC/USD brace biconcave beneath $3,600 and retested the key $3,550 abutment area. Buyers adequate the $3,550 abutment and the amount bounced back. It climbed aloft the $3,580 and $3,600 attrition levels, signaling a appropriate recovery. There was additionally a breach aloft the 50% Fib retracement akin of the contempo abatement from the $3,715 beat aerial to $3,549 low. More importantly, there was a abutting aloft $3,600 and the 100 alternate simple affective average.
Finally, there was a breach aloft a aloft bearish trend band with attrition at $3,585 on the alternate blueprint of the BTC/USD pair. These all are absolute signs aloft the $3,600 akin and the 100 alternate SMA. However, the amount seems to be adverse a solid attrition abreast the $3,650-3,660 levels. It coincides with the 61.8% Fib retracement akin of the contempo abatement from the $3,715 beat aerial to $3,549 low. Therefore, a able abutting aloft the $3,660 resistance could bright the aisle for added assets aloft $3,700. The abutting capital attrition is at $3,715 and $3,730.
Looking at the chart, bitcoin amount acutely fabricated a nice advancement move aloft the $3,600 level. Having said that, a bill aloft $3,660 is charge for added gains. If not, there is a accident of a beginning bead appear the $3,550 and $3,540 abutment levels.
Technical indicators
Hourly MACD – The MACD for BTC/USD is boring affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is captivation the 50 level, with a absolute angle.
Major Support Level – $3,550
Major Resistance Level – $3,660
