THELOGICALINDIAN - Bitcoin amount climbed college acutely aloft the 4000 barrier adjoin the US Dollar BTCUSD could actual a few credibility but dips abide accurate aloft 4000 in the abbreviate term
Bitcoin Price Analysis
This accomplished week, we saw a lot of bullish moves aloft the $3,600 abutment in bitcoin amount adjoin the US Dollar. The BTC/USD brace rallied aloft the $3,800 and $3,900 attrition levels. However, sellers fought adamantine abreast the $3,950 and $4,000 attrition levels. As a result, there were a brace of bearish moves, but the $3,800 abutment breadth acted as a solid buy zone. Finally, buyers had the high duke and pushed the amount aloft the $3,950 and $4,000 attrition levels.
More importantly, there was a breach aloft a aloft triangle arrangement with attrition abreast $3,950 on the 4-hours blueprint of the BTC/USD pair. The brace acclimatized aloft the $4,000 akin and the 100 simple affective boilerplate (4-hours). The advancement move was such that the amount traded to a new 2025 aerial aloft $4,100. It traded appear the $4,200 akin and a aerial was formed at $4,191. The amount is currently acclimation lower, but it charcoal able-bodied accurate aloft $4,100 and $4,050. An antecedent abutment is the 23.6% Fib retracement akin of the aftermost beachcomber from the $3,871 low to $4,191 high.
On the downside, there are abounding supports abreast the $4,050 level. Below $4,050, the abutting abutment is abreast the $4,030 level. It represents the 50% Fib retracement akin of the aftermost beachcomber from the $3,871 low to $4,191 high. The capital abutment is abreast the $4,000 akin (the antecedent resistance). Therefore, if there is a downside correction, the amount may conceivably acquisition buyers abreast $4,050 and $4,000.
Looking at the chart, BTC amount is placed accurately in a able uptrend aloft the $4,000 attrition area. In the abbreviate term, there could be a pullback, but buyers are acceptable to assure $4,000. On the upside, a breach aloft the $4,200 akin could accessible the doors for $4,250 and $4,400.
Technical indicators
4 hours MACD – The MACD for BTC/USD is accepting clip in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently able-bodied aloft the 70 level.
Major Support Level – $4,000
Major Resistance Level – $4,200
