THELOGICALINDIAN - Key Points
Bitcoin amount beneath appear the $3,750 akin adjoin the US Dollar. BTC/USD is recovering, but it could acquisition a able attrition abreast $4,080 or $4,150.
Yesterday, we discussed that bitcoin amount remains advertise abreast the $4,200 level adjoin the US Dollar. The BTC/USD brace did barter lower afresh and bankrupt the $3,950, $3,900 and $3,880 abutment levels. The amount alike traded beneath the $3,800 akin and acclimatized beneath the 100 alternate simple affective average. A new account low was formed at $3,734 afore the amount bounced back.
There was a appropriate accretion aloft the $3,800 and $3,880 levels. The amount additionally confused aloft the 23.6% Fib retracement akin of the contempo abatement from the $4,288 aerial to $3,734 low. However, there are abounding resistances on the upside abreast the $4,100-4,150 zone. Moreover, there are two important bearish trend curve in abode with resistance abreast $4,080 and $4,150 on the alternate blueprint of the BTC/USD pair. An antecedent attrition is abreast the $4,010 akin and the 100 alternate SMA. The 50% Fib retracement akin of the contempo abatement from the $4,288 aerial to $3,734 low is additionally at $4,011.
Looking at the chart, bitcoin amount is trading beneath abounding important resistances abreast $4,100. As continued as there is no abutting aloft $4,150, BTC may abatement already again. On the downside, an antecedent abutment is at $3,880 followed by $3,750.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD confused aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI jumped aback aloft the 50 level.
Major Support Level – $3,750
Major Resistance Level – $4,150
