THELOGICALINDIAN - Key Points
Bitcoin amount rallied added than 10% aloft $3,550 adjoin the US Dollar. BTC is currently acclimation lower, but it could acquisition abutment abreast $3,400 or $3,355.
Yesterday, we discussed that further assets assume likely aloft $3,300 in bitcoin amount adjoin the US Dollar. The BTC/USD brace did move college and bankrupt the $3,355, $3,400 and $3,500 attrition levels. The amount traded as aerial as $3,589 and it is currently able-bodied aloft the 100 alternate simple affective average. The accepted amount activity indicates a abbreviate appellation downside alteration appear $3,400.
The amount is currently trading abreast the 23.6% Fib retracement akin of the contempo leg from the $3,119 low to $3,589 high. Moreover, there is a abbreviate appellation application triangle formed with abutment at $3,480 on the alternate blueprint of the BTC/USD pair. The brace could breach the triangle abutment and abatement appear the $3,400 support. However, there are affairs of added declines appear the $3,355 abutment if $3,400 fails to hold. The 50% Fib retracement akin of the contempo leg from the $3,119 low to $3,589 aerial is additionally abreast $3,355. Therefore, dips from the accepted levels may conceivably acquisition bids abreast $3,400 or $3,355.
Looking at the chart, bitcoin amount is placed accurately in a absolute area aloft the $3,305 axis akin and the 100 SMA. On the upside, the $3,580 akin is an antecedent attrition followed by $3,600. The key barrier for a beyond assemblage is abreast $4,000, aloft which sellers are acceptable to lose control.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD confused aback hardly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is acclimation against the 50 level.
Major Support Level – $3,355
Major Resistance Level – $3,580
