THELOGICALINDIAN - Key Points
Bitcoin amount nosedived beneath $4,000 and $3,800 adjoin the US Dollar. BTC/USD is currently recovering, but the $4,000 barrier is now acting as a resistance.
During the accomplished three days, we saw a nasty abatement beneath $4,000 in bitcoin amount adjoin the US Dollar. The BTC/USD brace alike bankrupt the $3,800 and $3,600 abutment levels to column a new multi ages low. The amount alike acicular beneath the $3,500 akin and acclimatized able-bodied beneath the 100 alternate simple affective average. A low was formed at $3,449 and after the amount started an upside correction.
It confused aloft the $3,600 and $3,800 attrition levels. More importantly, there was a breach aloft the 50% Fib retracement akin of the contempo abatement from the $4,340 aerial to $3,449 low. However, the upside move was capped by the $4,080-4,100 zone, which was a abutment earlier. Moreover, there is a major bearish trend line in abode with attrition at $4,080 on the alternate blueprint of the BTC/USD pair. The brace was additionally alone abreast the 76.4% Fib retracement akin of the contempo abatement from the $4,340 aerial to $3,449 low. Clearly, the amount is adverse a solid attrition abreast the $4,080 akin and the 100 alternate SMA.
Looking at the chart, bitcoin amount charge breach the $4,000 and $4,080 attrition to ascend college appear $4,500. If buyers abort to accretion clip aloft $4,080 and the 100 alternate SMA, there could be a aciculate decline.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is boring affective in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently able-bodied aloft the 50 level.
Major Support Level – $3,800
Major Resistance Level – $4,080
