THELOGICALINDIAN - Key Points
Bitcoin amount traded to multi ages low beneath $4,500 adjoin the US Dollar. BTC/USD could abide to abatement appear the $4,000 abutment area.
Yesterday, we discussed the affairs of a new low beneath $5,200 in bitcoin amount adjoin the US Dollar. The BTC/USD brace did move bottomward and bankrupt the $5,200 and $5,000 abutment levels. The abatement was such that the amount fell added than 12% and bankrupt the $4,600 abutment as well. Ethereum price additionally beneath heavily beneath the $150 level, igniting bearish moves in the crypto market. However, ripple price remained abiding and traded aloft $0.4800.
Recently, BTC formed a beat low at $4,695 and adapted higher. It confused aloft the $4,800 level, but upsides were limited. The amount bootless to ascend aloft the 23.6% Fib retracement akin of the aftermost abatement from the $5,567 aerial to $4,695 low. As a result, there was a beginning abatement and the amount beneath beneath the $4,695 low. Sellers took ascendancy and pushed the amount beneath the $4,500 support. Going forward, the amount is acceptable to advance losses appear the $4,200 and $4,000 levels. On the upside, there are two bearish trend curve formed with attrition abreast $4,800 on the alternate blueprint of the BTC/USD pair.
Looking at the chart, bitcoin amount is acutely beneath abundant affairs burden beneath $5,000. Any abbreviate appellation alteration could face a lot of affairs absorption abreast $4,800 or $5,000.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is accepting drive in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently able-bodied beneath the 20 level.
Major Support Level – $4,200
Major Resistance Level – $5,000
