THELOGICALINDIAN - Key Points
Bitcoin amount is beneath burden beneath $3,800 adjoin the US Dollar. BTC may actual a few points, but it charcoal advertise on rallies abreast $3,720 and $3,800.
There was an access in affairs burden on bitcoin amount afterwards it bootless to bright the $3,850 akin adjoin the US Dollar. The BTC/USD brace started a downside move and bankrupt the $3,800 and $3,700 abutment levels. It alike bankrupt the $3,600 akin and traded as low as $3,563. There could be a abbreviate appellation alteration from $3,563, but the amount is trading able-bodied beneath the 100 alternate simple affective average.
An antecedent attrition is abreast the 23.6% Fib retracement akin of the aftermost abatement from the $3,855 aerial to $3,563 low. Moreover, yesterday’s accent aloft bearish trend band is complete with attrition at $3,720 on the alternate blueprint of the BTC/USD pair. Finally, the 50% Fib retracement akin of the aftermost abatement from the $3,855 aerial to $3,563 low is abreast the trend line. Therefore, if there is an upside correction, the amount is acceptable to attempt abreast $3,720 and $3,800. A able breach aloft the trend band and the $3,800 attrition is bare for a appropriate advancement move. If not, the amount may abide to abatement and it may alike breach the $3,500 support in the abreast term.
Looking at the chart, bitcoin amount seems to be trading with a bearish bend beneath $3,720 and there are affairs of added losses.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is accepting clip in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is affective with a bearish bend beneath the 40 level.
Major Support Level – $3,500
Major Resistance Level – $3,720
