THELOGICALINDIAN - Key Points
Bitcoin amount bootless to balance added aloft $4,700 and beneath adjoin the US Dollar. BTC/USD could advance declines beneath the $4,000 abutment area.
Yesterday, there as a tiny upside correction aloft the $4,500 akin in bitcoin amount adjoin the US Dollar. The BTC/USD brace bootless to breach the $4,600 attrition and remained able-bodied beneath the $4,700 axis area. Later, the amount started a downside move and traded beneath the $4,500 and $4,400 abutment levels. It is currently trading able-bodied beneath the $4,500 akin and the 100 alternate simple affective average.
The amount additionally beneath beneath the 61.8% Fib retracement akin of the aftermost beachcomber from the $4,048 low to $4,600 high. It has opened the doors for added losses beneath the $4,200 abutment area. It seems like the amount may anon analysis the aftermost beat low at $4,048. If sellers accretion pace, there are aerial affairs of a downside breach beneath the $4,000 handle in the abreast term. The abutting abutment is abreast the $3,900 level. It coincides with the 1.236 Fib addendum akin of the last wave from the $4,048 low to $4,600 high. Beneath this, the amount may conceivably abatement appear the $3,800 level.
Looking at the chart, bitcoin amount is acutely beneath a lot of burden beneath $4,500. If sellers abide in activity in the abbreviate term, there could be a aciculate abatement beneath $4,000.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is affective heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently aloof abreast the 40 level.
Major Support Level – $4,000
Major Resistance Level – $4,500
