THELOGICALINDIAN - Bitcoin amount is currently accumulation losses aloft 3340 adjoin the US Dollar BTC could actual a few credibility but upsides are acceptable to abide capped abreast 3400
Bitcoin Price Analysis
There was a short-term support formed abreast the $3,345 akin in bitcoin amount adjoin the US Dollar. The BTC/USD brace adapted a few credibility and traded aloft the $3,360 and $3,370 levels. There was a breach aloft the 23.6% Fib retracement akin of the contempo abatement from the $3,444 aerial to $3,337 low. The amount alike acicular aloft the $3,375 resistance, but it bootless to authority gains. Sellers dedicated assets aloft the $3,380 and $3,400 levels. As a aftereffect there was a beginning dip and the amount retested the $3,345 support.
It is currently acclimation college appear the $3,375 and $3,380 resistances. There is additionally a above bearish trend band formed with attrition at $3,375 on the alternate blueprint of the BTC/USD pair. The 50% Fib retracement akin of the contempo abatement from the $3,444 aerial to $3,337 low is additionally abreast $3,391. Finally, the 100 alternate simple affective boilerplate is positioned abreast the $3,390 akin to act as a solid resistance. Therefore, it seems like there are many hurdles on the upside abreast $3,375, $3,390 and $3,400. On the downside, the key abutment is at $3,345, beneath which the amount could breach the $3,337 beat low.
Looking at the chart, bitcoin amount is trading in a bearish area beneath $3,400. If buyers accretion absorption aloft $3,375, $3,390 and $3,400, there could be a appropriate advancement move appear $3,500 in the abreast term.
Technical indicators
Hourly MACD – The MACD is boring affective in the bullish zone, with abridgement of absolute signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently positioned aloft the 50 level.
Major Support Level – $3,345
Major Resistance Level – $3,400
