THELOGICALINDIAN - Key Points
Bitcoin amount started a downside alteration beneath $4,000 adjoin the US Dollar. BTC ability abide to move bottomward appear the $3,600 or $3,500 abutment level.
Yesterday, bitcoin traded abutting to the $4,250 level adjoin the US Dollar. The BTC/USD brace struggled to bright the $4,240 akin and after started a aciculate downside correction. It bankrupt the $4,000 abutment and the 100 alternate simple affective average. Sellers acquired clip and pushed the amount beneath the 61.8% Fib retracement akin of the aftermost beachcomber from the $3,788 low to $4,240 high.
More importantly, there was a breach beneath a above bullish trend band with abutment at $4,020 on the alternate blueprint of the BTC/USD pair. The brace alike bankrupt the $3,788 low and confused into a abbreviate appellation bearish zone. If there are more declines, the amount could analysis the $3,620 support. Beneath $3,620, the abutting stop for sellers could be abreast the $3,500 level. It coincides with the 1.618 Fib addendum akin of the aftermost beachcomber from the $3,788 low to $4,240 high. On the added hand, if there is an upside correction, the amount is acceptable to attempt abreast the $3,850 and $3,980 attrition levels.
Looking at the chart, bitcoin amount acutely bootless abreast the $4,240 level. BTC amount could extend declines beneath $3,600, but it charge break aloft $3,500 to alpha a beginning advancement move. If not, it could abatement appear the $3,200 support.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD confused aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently able-bodied beneath the 50 level.
Major Support Level – $3,500
Major Resistance Level – $4,000
