THELOGICALINDIAN - Key Points
Bitcoin amount remained beneath the $4,000 barrier adjoin the US Dollar. BTC/USD could abatement beneath $3,600 if it fails to move aloft the $4,000 barrier.
Yesterday, we saw a short appellation upside move aloft $3,600 and $3,800 in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded aloft the $4,000 barrier as well, but it bootless to authority gains. The amount was alone abreast the $4,100 barrier and the 100 alternate simple affective average. It seems like buyers struggled to accretion backbone aloft $4,000, consistent in a bearish reaction.
A aerial was formed at $4,126 and after the amount beneath beneath $4,000 and $3,900. The abatement was such that the amount alike bankrupt the $3,580 abutment and traded as low as $3,513. Later, it adapted aloft $3,600 and the 23.6% Fib retracement akin of the contempo bead from the $4,126 aerial to $3,513 low. On the upside, there are abounding hurdles for buyers abreast the $3,800 and $3,900 levels. Moreover, yesterday’s accent crucial bearish trend band is active with attrition at $3,900 on the alternate blueprint of the BTC/USD pair. The 50% Fib retracement akin of the contempo bead from the $4,126 aerial to $3,513 low is additionally abreast $3,819.
Looking at the chart, bitcoin amount is acutely adverse an acclivous assignment abreast the $3,900 and $4,000 levels. If there is no acceptable breach aloft $4,000, the amount could abatement appear the $3,600 and $3,500 levels.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is hardly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently aloof abreast the 50 level.
Major Support Level – $3,600
Major Resistance Level – $4,000
