THELOGICALINDIAN - Bitcoin amount fell decidedly beneath the 3600 abutment adjoin the US Dollar BTC is currently trading in a declivity and it could resume its abatement if it fails to beat 3600
Bitcoin Price Analysis
This accomplished week, there was a slow and abiding rise aloft the $3,600 akin in bitcoin amount adjoin the US Dollar. The BTC/USD brace alike bankrupt the $3,700 attrition level. However, it seems like buyers bootless to accretion backbone aloft the $3,750 level. As a result, there was a able bottomward move and the amount beneath beneath $3,700 and $3,600. The abatement was such that the amount acclimatized beneath the $3,600 abutment and the 100 alternate simple affective average.
More importantly, there was a breach beneath a acute bullish trend band with abutment at $3,620 on the alternate blueprint of the BTC/USD pair. Sellers pushed the amount beneath the key $3,550 support, aperture the doors for added losses. A low was formed at $3,470 and the amount is currently acclimation higher. It confused aloft the $3,520 akin and the 23.6% Fib retracement akin of the contempo abatement from the $3,729 aerial to $3,470 low. However, the antecedent abutment at $3,550 is now acting as a strong resistance. If there is a breach aloft $3,550, the amount could face sellers abreast $3,600. It represents the 50% Fib retracement akin of the contempo abatement from the $3,729 aerial to $3,470 low.
Looking at the chart, bitcoin amount has confused into a bearish area beneath $3,600. As continued as sellers abide in ascendancy beneath $3,600 and $3,550, there is a accident of added losses beneath $3,500 and $3,400.
Technical indicators
Hourly MACD – The MACD for BTC/USD is hardly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently convalescent against the 40 level, with a absolute angle.
Major Support Level – $3,480
Major Resistance Level – $3,600
