THELOGICALINDIAN - Key Points
Bitcoin amount beneath heavily beneath $3,550 adjoin the US Dollar. BTC/USD charcoal in a declivity and it could alike barter appear $3,000 or $2,800.
After basic a abbreviate appellation abutment abreast $3,550, there was a tiny recovery in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded aloft the $3,750 level, but upsides were capped abreast the $3,845 level. Finally, there was a beginning abatement and the amount traded beneath the $3,550 and $3,420 abutment levels. It is now trading able-bodied beneath the $3,750 akin and the 100 alternate simple affective average.
A new multi ages low was formed at $3,288 and the amount is currently accumulation losses. An antecedent attrition is the 23.6% Fib retracement akin of the aftermost bead from the $3,849 aerial to $3,288 low. However, there are abounding resistances on the upside abreast $3,550 and $3,555. The antecedent abutment abreast $3,550 is a above hurdle. It coincides with the 50% Fib retracement akin of the aftermost bead from the $3,849 aerial to $3,288 low. Moreover, there is a major bearish trend line formed with attrition at $3,700 on the alternate blueprint of the BTC/USD pair.
Looking at the chart, bitcoin amount is acutely placed in a awful declivity beneath $3,550. As continued as it is trading beneath $3,750, there could be added losses. The abutting stop for sellers beneath $3,250 may be $3,000 or alike $2,800.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring abbreviation its bearish slope.
Hourly RSI (Relative Strength Index) – The RSI is affective college appear the 40 level.
Major Support Level – $3,250
Major Resistance Level – $3,550
