THELOGICALINDIAN - Key Points
Bitcoin amount confused added than 15% and bankrupt the $3,800 abutment adjoin the US Dollar. BTC/USD could advance declines appear the $3,500 level.
Bitcoin Price Analysis
This accomplished week, there was a tiny upside alteration aloft the $4,300 akin in bitcoin amount adjoin the US Dollar. However, the BTC/USD brace bootless to accretion absorption aloft the $4,400 and $4,500 resistances. As a result, there was a aciculate downside move and the amount declined beneath the $4,000 support. The amount beneath added than 12% and it is currently trading able-bodied beneath $3,800 and 100 simple affective boilerplate (4-hours).
A new annual low was formed at $3,620 and it seems like the accepted abatement is not over. The aftermost beat low was at $3,678 afore the amount started an upside correction. It confused aloft the 23.6% Fib retracement akin of the contempo abatement from the $4,340 aerial to $3,678 low. However, the upside move was capped by the $4,000 level. The amount was additionally alone abreast the 50% Fib retracement akin of the recent decline from the $4,340 aerial to $3,678 low. Finally, the amount beneath afresh and bankrupt the $3,678 beat low. A new low was formed beneath $3,650 and it seems like there could be added losses. The abutting key abutment is abreast $3,500, beneath which the amount could analysis $3,200.
Looking at the chart, BTC amount is adverse a lot of affairs burden beneath the $4,000 and $3,800 level. If there is an upside correction, the amount could face sellers abreast $4,000.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is placed heavily in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently able-bodied beneath the 20 level.
Major Support Level – $3,500
Major Resistance Level – $4,000
