THELOGICALINDIAN - Key Points
Bitcoin amount is trading abreast important abutment levels adjoin the US Dollar. BTC/USD may anon accomplish the abutting move either aloft $4,000 or beneath $3,500.
Bitcoin Price Analysis
This accomplished week, bitcoin amount moved higher aloft the $3,800 attrition adjoin the US Dollar. However, the BTC/USD brace struggled a lot to bright the $3,900 attrition level. To alpha with, a beat low was formed abreast $3,720 and after the amount started an advancement move. It bankrupt the $3,800 attrition and the 100 simple affective boilerplate (4-hours). The amount alike traded aloft the 50% Fib retracement akin of the aftermost abatement from the $3,920 aerial to $3,722 low.
However, the amount faced a able attrition abreast the $3,850 and $3,870 levels. Besides, the 76.4% Fib retracement akin of the aftermost abatement from the $3,920 aerial to $3,722 low additionally prevented gains. Buyers bootless to advance the amount aloft $3,900 and after the amount declined. It traded beneath $3,800 and the 100 SMA. Having said that, the amount is now abutting the key abutment area abreast $3,765. More importantly, there is a above application triangle formed with abutment at $3,765 on the 4-hours blueprint of the BTC/USD pair.
Looking at the chart, BTC amount seems to abutting the abutting cogent breach either aloft $3,850 or beneath $3,765. An upside breach aloft $3,850 may advance the amount appear $4,000 and $4,200. On the added hand, a breach beneath $3,765 could atom bearish moves appear $3,500 or $3,300.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is placed in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently able-bodied beneath the 50 level.
Major Support Level – $3,765
Major Resistance Level – $3,850
