THELOGICALINDIAN - Key Points
Bitcoin amount is in a aloft declivity beneath $4,000 adjoin the US Dollar. BTC/USD may abide to attempt to balance aloft the $3,600-3,700 attrition zone.
Bitcoin Price Analysis
This accomplished week, bitcoin amount beneath beneath the $4,000 support akin adjoin the US Dollar. The BTC/USD brace acquired bearish drive and traded beneath the $3,700 and $3,600 abutment levels. The abatement was such that the amount traded abutting to the $3,200 level. The amount formed a new annual low at $3,215 and it is currently able-bodied beneath the 100 simple affective boilerplate (4-hours).
Recently, there was a tiny upside alteration aloft $3,400. BTC additionally confused aloft the 23.6% Fib retracement akin of the contempo abatement from the $4,051 aerial to $3,215 low. However, the accretion faced a lot of affairs absorption abreast $3,550-3,600. Besides, there is a cogent bearish trend band formed with attrition at $3,630 on the 4-hours blueprint of the BTC/USD pair. The trend band is abutting to the 50% Fib retracement akin of the contempo abatement from the $4,051 aerial to $3,215 low. Therefore, it won’t be accessible for buyers to beat the $3,550, $3,600 and $3,700 attrition levels. Aloft $3,700, the next key hurdle for buyers is at $4,000.
Looking at the chart, BTC amount is acceptable to advance a bearish accent beneath $3,600. Once the accepted alteration is complete, the amount may alike breach the $3,200 beat low. The abutting key abutment is at $3,000 followed by $2,800.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is hardly placed in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is aloof abreast the 40 level.
Major Support Level – $3,200
Major Resistance Level – $3,600
