THELOGICALINDIAN - Bitcoin amount fabricated a few bullish blemish attempts but it bootless adjoin the US Dollar BTCUSD charge breach aloft 3500 and 3480 to abstain a downside breach in the advancing days
Bitcoin Price Analysis
This accomplished week, bitcoin amount remained accurately supported aloft the $3,500 akin adjoin the US Dollar. The BTC/USD brace started a accretion and confused aloft the $3,550 and $3,600 attrition levels. There was additionally a breach aloft the $3,620 axis level. Buyers pushed the amount aloft the 50% Fib retracement akin of the aftermost abatement from the $3,725 beat aerial to $3,443 low. However, the upside move was capped by the $3,650 attrition and the 100 simple affective boilerplate (4-hours). As a result, the amount akin assets and acclimatized beneath the $3,600 level.
At the moment, the amount is trading able-bodied beneath the $3,600 akin and the 100 simple affective boilerplate (4-hours). It traded as aerial as $3,673 and beneath beneath the $3,575 level. There was a analysis of the 61.8% Fib retracement akin of the aftermost beachcomber from the $3,443 low to $3,673 high. More importantly, there is a above ascendance approach formed with attrition at $3,650 on the 4-hours blueprint of the BTC/USD pair. If there is a downside breach beneath the approach abutment and $3,500, the amount may analysis $3,480. Beneath the range abutment at $3,480, the amount may move into a bearish area appear $3,200.
Looking at the chart, BTC amount seems to be disturbing to accretion absorption aloft $3,600 and $3,650. Should there be an upside breach aloft $3,650, the amount is acceptable to bullwork appear $4,000 in the abreast term.
Technical indicators
4-hours MACD – The MACD for BTC/USD is mostly collapsed in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloof beneath the 50 level.
Major Support Level – $3,500
Major Resistance Level – $3,650
