THELOGICALINDIAN - Bitcoin amount faced an added affairs burden beneath 3700 adjoin the US Dollar BTCUSD is accumbent for the abutting breach either bullish aloft 3650 or bearish beneath 3550
Bitcoin Price Analysis
This accomplished week, bitcoin amount started a major bottomward move from the $4,037 beat aerial adjoin the US Dollar. The BTC/USD brace beneath heavily and bankrupt the $4,000, $3,800, $3,725 and $3,650 abutment levels. The abatement was awful as there was a abutting beneath the $3,725 akin and the 100 simple affective boilerplate (4-hours). It traded abutting to the $3,550 abutment breadth and after started accumulation losses. An antecedent attrition on the upside is abreast the $3,650 and $3,660 levels.
More importantly, there is a abbreviate appellation blemish arrangement basic with attrition abreast $3,650 on the 4-hours blueprint of the BTC/USD pair. Therefore, the brace seems to be advancing the abutting breach either aloft $3,650 or beneath $3,550 in the abreast term. A breach aloft the $3,650 akin may advance the amount appear the $3,660. It represents the 23.6% Fib retracement akin of the aftermost bead from the $4,037 aerial to $3,549 low. A acknowledged abutting aloft the $3,660 and $3,665 akin may open the doors for a bullish recovery appear $3,725. The capital attrition is abreast the $3,790 level. It coincides with the 50% Fib retracement akin of the aftermost bead from the $4,037 aerial to $3,549 low.
Looking at the chart, BTC amount could alike breach the $3,550 abutment and extend losses. In the declared bearish scenario, the amount may extend losses beneath $3,500 and $3,400.
Technical indicators
4-hours MACD – The MACD for BTC/USD is boring affective in the bullish zone, with abridgement of strength.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently abreast the 30 level, with a bullish angle.
Major Support Level – $3,550
Major Resistance Level – $3,660
