THELOGICALINDIAN - Bitcoin amount fabricated a aciculate bearish about-face beneath 4000 and 3800 adjoin the US Dollar BTC is now in a bearish area and rallies abreast 3800 could face a able affairs interest
Bitcoin Price Analysis
Yesterday, we discussed a possible upside break aloft $4,100 and $4,200 in bitcoin amount adjoin the US Dollar. However, the BTC/USD brace bootless to bright the key $4,080 resistance, consistent in a bearish reaction. The amount beneath heavily beneath the $4,000, $3,950 and $3,800 abutment levels. The abatement was awful as there was a abutting beneath $3,750 and the 100 alternate simple affective average.
During the decline, there was a breach beneath a key bullish trend band with abutment at $4,000 on the alternate blueprint of the BTC/USD pair. The brace fell decidedly and activated the abutting key abutment at $3,550-3,570. Later, the amount started accumulation losses and traded aloft $3,600. An antecedent attrition is abreast the 23.6% Fib retracement akin of the contempo abatement from the $4,037 aerial to $3,549 low. It seems like it won’t be accessible for buyers to advance the amount aloft $3,660 or $3,680. If they succeed, the abutting above attrition is at $3,740. Moreover, the 50% Fib retracement akin of the contempo abatement from the $4,037 aerial to $3,549 low is at $3,793.
Looking at the chart, bitcoin amount is aback in a bearish area beneath $3,800 and $3,750. If sellers abide in action, there could be a downside breach beneath the $3,550 and $3,540 abutment levels. On the added hand, a abbreviate appellation alteration is acceptable to face sellers abreast $3,700 or $3,750.
Technical indicators
Hourly MACD – The MACD for BTC/USD is boring affective in the bearish zone, but the bent charcoal bearish.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is able-bodied beneath the 40 level, with accessory accretion signs.
Major Support Level – $3,540
Major Resistance Level – $3,750
