THELOGICALINDIAN - Key Points
Bitcoin amount formed a abbreviate appellation top abreast the $4,440 akin and beneath adjoin the US Dollar. BTC/USD is acceptable to actual lower appear the $4,000 abutment in the abreast term.
Yesterday, there was an upside extension aloft the $4,300 and $4,350 levels in bitcoin amount adjoin the US Dollar. The BTC/USD brace alike bankrupt the $4,400 aerial and traded to a new account aerial at $4,437. Later, there was downside alteration and the amount beneath beneath the $4,300 and $4,250 abutment levels. The amount alike bankrupt the 23.6% Fib retracement akin of the aftermost leg from the $3,560 beat low to $4,437 high.
More importantly, there was a breach beneath yesterday’s bullish trend band with abutment at $4,220 on the alternate blueprint of the BTC/USD pair. The brace traded beneath the $4,200 akin and it is currently trading abreast $4,150. An actual abutment is abreast the $4,080 level, which was a attrition earlier. Beneath $4,080, the amount could analysis the $4,000 abutment area. The 50% Fib retracement akin of the aftermost leg from the $3,560 beat low to $4,437 aerial is additionally abreast $4,000. Finally, the 100 alternate simple affective average is abreast the $3,980 akin to act as a solid support. Beneath the 100 alternate SMA, the amount could move aback in a bearish area beneath $3,800.
Looking at the chart, bitcoin amount is currently at a accident of added losses appear the $4,080 and $4,000 supports. On the upside, resistances are at $4,300 and $4,400.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is now aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently beneath the 50 level.
Major Support Level – $4,000
Major Resistance Level – $4,300
