THELOGICALINDIAN - Key Points
Bitcoin amount is boring convalescent aloft $4,000 adjoin the US Dollar. However, BTC/USD charcoal in a declivity as continued as it is beneath the $4,500 resistance.
Bitcoin Price Analysis
This accomplished week, there was a decent recovery from the $3,500 abutment breadth in bitcoin amount adjoin the US Dollar. The BTC/USD brace traded college and bankrupt the $3,750 and $4,000 attrition levels. The upside move was absolute aloft the $4,000 and $4,200 levels. There was alike a abutting beneath the 23.6% Fib retracement akin of the aftermost accelerate from the $5,697 aerial to $3,483 low. However, the amount struggled to bright the $4,400-4,500 attrition zone.
Moreover, there is a key bearish trend band formed with attrition at $4,320 on the 4-hours blueprint of the BTC/USD pair. The brace is currently accumulation beneath the trend band and $4,400. The amount charge breach the $4,400 attrition and the 100 simple affective boilerplate (4-hours) for added gains. The abutting major hurdle is abreast $4,500 and $4,590. The $4,590 akin coincides with the 50% Fib retracement akin of the aftermost accelerate from the $5,697 aerial to $3,483 low. Therefore, a breach aloft the $4,400, $4,500 and $4,590 attrition levels won’t be accessible in the abreast term.
Looking at the chart, BTC amount acutely charcoal in a declivity as continued as it is beneath $4,500 and the 100 SMA. On the downside, an antecedent abutment is at $4,000, beneath which the amount could accelerate appear $3,600 or $3,500.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BTC/USD is placed hardly in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently aloof aloft the 50 level.
Major Support Level – $3,600
Major Resistance Level – $4,500
