THELOGICALINDIAN - Bitcoin amount is disturbing to accretion drive aloft 3400 adjoin the US Dollar BTC amount ability analysis the 3360 abutment afore a beginning advancement move aloft the 3400 level
Bitcoin Price Analysis
Recently, we saw a appropriate recovery aloft the $3,440 akin in bitcoin amount adjoin the US Dollar. However, the BTC/USD brace bootless to breach the $3,478-$3,480 attrition zone. As a result, there was a beginning abatement beneath the $3,440 and $3,420 abutment levels. There was additionally a abutting beneath the $3,420 akin and the 100 alternate simple affective average. Moreover, the amount traded beneath the 50% Fib retracement akin of the aftermost beachcomber from the $3,344 low to $3,478 high. Finally, the amount bankrupt the $3,400 akin and activated the $3,375 support.
At the outset, the 76.4% Fib retracement akin of the aftermost beachcomber from the $3,344 low to $3,478 aerial is acting as a support. If there is a downside breach beneath the $3,375 support, the amount ability acquisition bids abreast the $3,360 and $3,350 abutment levels. Beneath these, the amount could barter to a new annual low beneath the $3,320 level. On the upside, an antecedent attrition awaits at $3,400. There is additionally a aloft crumbling approach in abode with attrition at $3,410 on the alternate blueprint of the BTC/USD pair. A able breach aloft the approach and $3,420 could accessible the doors for more gains in the abreast term.
Looking at the chart, bitcoin amount seems to be adverse a lot of hurdles beneath the $3,450 and $3,500 attrition levels. However, downsides are acceptable to be bound as continued as the amount is aloft $3,320.
Technical indicators
Hourly MACD – The MACD is currently disturbing in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently beneath the 40 level, with a bearish angle.
Major Support Level – $3,350
Major Resistance Level – $3,480
