THELOGICALINDIAN - Bitcoin amount is boring accepting bullish drive adjoin the US Dollar BTCUSD charcoal in a appropriate uptrend with aerial affairs of a balderdash run appear the 4000 attrition in the abreast term
Bitcoin Price Analysis
Recently, bitcoin amount acicular acutely from the $3,350 abutment breadth adjoin the US Dollar. The BTC/USD brace rallied and bankrupt the $3,500 and $3,600 attrition levels. There was additionally a breach aloft $3,700 akin and the 100 simple affective boilerplate (4-hours). Buyers pushed the amount appear the $3,750 akin and a new account aerial was formed abreast the $3,745 level. Finally, the amount started a downside alteration and traded beneath the $3,700 level. There was alike a breach beneath the $3,650 level, but the amount remained able-bodied aloft the 100 simple affective boilerplate (4-hours).
During the decline, the amount bankrupt the 23.6% Fib retracement akin of the aftermost beachcomber from the $3,343 low to $3,744 high. The amount traded beneath the $3,600 level, but buyers appeared abreast the $3,540-3,530 abutment area. Moreover, the 50% Fib retracement akin of the aftermost beachcomber from the $3,343 low to $3,744 aerial additionally acted as a support. A new abutment abject was formed abreast $3,340 afore the amount confused higher. Recently, there was a breach aloft a key bullish flag with attrition abreast $3,570 on the 4-hours blueprint of the BTC/USD pair. The brace is now placed accurately aloft the $3,550 level, with a bullish angle.
On the upside, an antecedent attrition is abreast the $3,600 level, aloft which there are affairs of added gains. The capital attrition is abreast the $3,750 level, followed by $3,800. If buyers abide in action, the amount could alike analysis the $4,000 barrier.
Looking at the chart, BTC amount is assuming absolute signs aloft the $3,550 level. Should bitcoin abort to accretion clip aloft the $3,600 level, there could be a bearish reaction. An antecedent abutment is at $3,540, beneath which the amount could analysis the $3,500 abutment area.
Technical indicators
4 hours MACD – The MACD for BTC/USD is boring affective in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently placed aloft the 50 level.
Major Support Level – $3,540
Major Resistance Level – $3,600
