THELOGICALINDIAN - Bitcoin amount started accumulation losses beneath 3860 adjoin the US Dollar BTCUSD could acceleration afresh as continued as there is no circadian abutting beneath the 3720 abutment akin in the abreast term
Bitcoin Price Analysis
After a aciculate assemblage aloft the $4,000 level, bitcoin amount faced sellers abreast the $4,190-4,200 area adjoin the US Dollar. The BTC/USD brace beneath heavily and bankrupt the $4,000 and $3,860 abutment levels. There was a abutting beneath the $3,860 abutment and the amount acicular beneath the $3,650 abutment level. It traded abutting to the $3,620 abutment akin and recovered later. More importantly, there was no abutting beneath the $3,720 abutment and the 100 simple affective boilerplate (4-hours).
The aftermost beat low was formed at $3,628 and the amount climbed aloft $3,760. It bankrupt the 23.6% Fib retracement akin of the aftermost abatement from the $4,191 aerial to $3,628 low. There was a able abutting aloft the $3,760 akin and the 100 simple affective boilerplate (4-hours). However, the amount struggled to breach the key $3,860 attrition (the antecedent capital support). At the outset, there is a abbreviate appellation ascendance approach or buck banderole formed with attrition at $3,900 on the 4-hours blueprint of the BTC/USD pair.
The brace could boring move college appear the approach attrition and $3,890. The 50% Fib retracement akin of the aftermost abatement from the $4,191 aerial to $3,628 low is additionally abreast the approach resistance. Therefore, it won’t be accessible for buyers to bright the $3,900-3,910 attrition area. If there is a able abutting aloft $3,900, the amount may assemblage appear the $4,000 barrier. On the downside, an antecedent abutment is at $3,760 and 100 simple affective boilerplate (4-hours). If there is a circadian abutting beneath the $3,720 support, the amount could move into a bearish area appear $3,620 and $3,560.
Looking at the chart, BTC amount seems to be accumulation beneath the key $3,860 and $3,900 resistance. Until the amount is beneath $3,900, there is a accident of addition drop. Therefore, buyers assume to be carefully bullish, but it ability change if the amount closes beneath $3,720.
Technical indicators
4 hours MACD – The MACD for BTC/USD is hardly in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently collapsed abreast the 50 level.
Major Support Level – $3,720
Major Resistance Level – $3,900
