THELOGICALINDIAN - Key Points
Bitcoin amount is still in a bearish area beneath $4,020 adjoin the US Dollar. BTC/USD could advance losses already there is a breach beneath the $3,740 support.
Yesterday, we discussed that bitcoin amount could face a solid resistance abreast $4,080 and $4,150 adjoin the US Dollar. The BTC/USD brace recovered afresh aloft the $3,920 resistance. There was alike a breach aloft the 50% Fib retracement akin of the aftermost accelerate from the $4,199 aerial to $3,737 low. However, the upside move was capped by the key $4,080 attrition breadth and the 100 alternate simple affective average.
The amount bootless abreast $4,080 and the 61.8% Fib retracement akin of the aftermost accelerate from the $4,199 aerial to $3,737 low. A beginning abatement was accomplished and the amount confused beneath $4,000 and $3,920. It is currently trading abreast the $3,800 support, with a bearish angle. On the downside, an actual abutment is abreast $3,740, beneath which the amount may alike breach the $3,700 abutment zone. On the upside, there are many hurdles abreast the $4,000 level. Moreover, yesterday’s accent two key bearish trend curve are alive with attrition abreast $4,000 and $4,090 on the alternate blueprint of the BTC/USD pair.
Looking at the chart, bitcoin amount is acutely trading in a aloft declivity beneath $4,020 and $4,080. As continued as there is no abutting aloft $4,150, there could be constant declines in BTC.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is now able-bodied beneath the 40 level.
Major Support Level – $4,020
Major Resistance Level – $3,740
