THELOGICALINDIAN - Key Points
Bitcoin amount is captivation the key uptrend abutment abreast $3,600 adjoin the US Dollar. BTC/USD is acceptable to resume its advancement move aloft $4,000 in the abreast term.
Bitcoin Price Analysis
This accomplished week, bitcoin amount started a major downside move from the $4,235 akin adjoin the US Dollar. The BTC/USD brace traded beneath the $4,000 and $3,800 abutment levels. However, the amount begin abutment abreast the $3,550 akin and after started an advancement move. More importantly, the amount backward aloft the $3,500 axis akin and the 100 simple affective boilerplate (4-hours).
The amount jumped aloft $3,800 and the 50% Fib retracement akin of the contempo abatement from the $4,235 aerial to $3,563 low. However, the amount bootless to bright the $3,980 and $4,000 attrition area. Besides, the 61.8% Fib retracement akin of the contempo abatement from the $4,235 aerial to $3,563 low additionally acted as a resistance. There was yet addition downside move, but the $3,675 akin acted as a support. Finally, there is a key bullish trend band formed with abutment $3,680 on the 4-hours blueprint of the BTC/USD pair. If there is a breach beneath the trend line, the amount abatement appear $3,550 or $3,500.
Looking at the chart, BTC amount seems to trading aloft important abutment levels abreast $3,600. On the upside, buyers charge to bright the $3,900 and $4,000 attrition levels for added gains. The abutting above attrition is abreast the $4,080 and $4,200 levels.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is acceptable to move aback into the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently beneath the 50 level.
Major Support Level – $3,550
Major Resistance Level – $4,000
