THELOGICALINDIAN - Bitcoin amount is boring affective college with absolute signs adjoin the US Dollar However BTCUSD is now abutting a cogent hurdle abreast the 3500 attrition zone
Bitcoin Price Analysis
This accomplished week, bitcoin amount remained in a bearish zone beneath the $3,500 attrition adjoin the US Dollar. The BTC/USD brace activated the $3,375 abutment breadth on the brace of occasions and after bounced back. The brace confused aloft the $3,400 and $3,420 attrition levels to alpha a appropriate recovery. The amount additionally traded aloft the 23.6% Fib retracement akin of the aftermost abatement from the $3,673 aerial to $3,346 low. There was a absolute amount activity developed aloft the $3,440 attrition level.
Moreover, there was a breach aloft a aloft application triangle with attrition at $3,440 on the 4-hours blueprint of the BTC/USD pair. The amount acicular aloft the $3,475 attrition level, but it remained able-bodied beneath the 100 simple affective boilerplate (4-hours). Besides, there was no analysis of the 50% Fib retracement akin of the aftermost abatement from the $3,673 aerial to $3,346 low. Buyers bootless to bright the $3,500 attrition area, which afire bearish moves. At the outset, the amount is trading abreast the $3,440 level, with supports abreast $3,420 and $3,400. If there is a downside break beneath $3,400, the amount is acceptable to analysis the $3,350 and $3,320 levels.
Looking at the chart, BTC amount is acutely adverse a solid attrition abreast the $3,500 akin and the 100 SMA. As continued as the amount is trading beneath $3,500, there is a accident of a downside breach in the abreast term.
Technical indicators
4-hours MACD – The MACD for BTC/USD is hardly placed in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently able-bodied aloft the 50 level.
Major Support Level – $3,400
Major Resistance Level – $3,500
