THELOGICALINDIAN - Bitcoin amount continued losses beneath the 3350 abutment adjoin the US Dollar BTC ability attack a accretion but sellers are acceptable to avert assets aloft the 3400 resistance
Bitcoin Price Analysis
Yesterday, we saw a major decline beneath the $3,400 abutment in bitcoin amount adjoin the US Dollar. The BTC/USD brace alike bankrupt the $3,350 abutment and traded abutting to the $3,320 level. A new account low was formed at $3,338 and the amount acclimatized able-bodied beneath the 100 alternate simple affective average. Later, the amount started accumulation assets and adapted aloft the $3,350 level. There was a breach aloft the 23.6% Fib retracement akin of the contempo bead from the $3,445 beat aerial to $3,338 low. However, the advancement move was capped by the $3,375 attrition levels.
Besides, there are abounding hurdles for buyers abreast the $3,400 and $3,420 levels. There is additionally a key abutting bearish trend band formed with attrition at $3,400 on the alternate blueprint of the BTC/USD pair. The trend band coincides with the 50% Fib retracement akin of the contempo bead from the $3,445 beat aerial to $3,338 low. Moreover, the 100 alternate simple affective boilerplate is abreast the trend band and the $3,410 level. Therefore, upsides from the accepted levels are likely to face sellers abreast $3,375 and $3,400.
Looking at the chart, bitcoin amount is trading in a bearish area beneath the $3,400 resistance. Only a circadian abutting aloft $3,400 and $3,420 could accessible the doors for added gains. On the downside, the capital abutment are $3,320 and $3,300.
Technical indicators
Hourly MACD – The MACD confused aback in the bullish, but it may dive aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD recovered recently, but it bootless to move aloft the 50 level.
Major Support Level – $3,320
Major Resistance Level – $3,400
