THELOGICALINDIAN - Bitcoin amount continued losses beneath the 3600 abutment adjoin the US Dollar BTC may balance in the abbreviate appellation but upsides are acceptable to be capped by 36003650
Bitcoin Price Analysis
In the account analysis, we saw a consolidation pattern aloft the $3,550 abutment in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded in a ambit for some time, but after sellers managed to advance the amount beneath $3,550. The amount beneath heavily and bankrupt the $3,500 and $3,400 abutment levels. There was alike a abutting beneath the $3,500 akin and the 100 alternate simple affective average. A new account low was formed at $3,372 and after the amount started an upside correction.
It confused aloft the $3,500 akin to move into a abbreviate appellation absolute zone. There was a breach aloft the 50% Fib retracement akin of the aftermost dive from the $3,649 aerial to $3,372 low. On the upside, there are abounding barriers for buyers, starting with $3,550. The previous support abreast $3,550 and $3,560 may conceivably act as a able resistance. Aloft $3,560, the 76.4% Fib retracement akin of the aftermost dive from the $3,649 aerial to $3,372 low is at $3,585. Finally, there is a abutting bearish trend band in abode with attrition at $3,600 on the alternate chart.
Looking at the chart, bitcoin amount is acceptable to face a lot of sellers abreast the $3,550, $3,560, $3,585 and $3,600 levels. The capital attrition is at $3,640, aloft which there is a adventitious of a solid accretion to $3,800. On the downside, a breach beneath $3,375 could advance the amount to $3,220.
Technical indicators
Hourly MACD – The MACD for BTC/USD confused aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is affective college appear the 50 level, with a absolute angle.
Major Support Level – $3,400
Major Resistance Level – $3,640
