The Currency Analytics
By Sydney TheCMO
There is a renewed selling pressure for Bitcoin. The price of Bitcoin was seen consolidating losses at the $3,560 support area.
The idea of a bullish trend stems from the classic expectation of a bull market that will trend if the futures would start to trade at a premium to the spot price.
A resistance level was seen at $3,625 with a short-term contracting triangle. It is expected that the price will trend towards the next level at $3,650 if a bullish trend…
It is seen that Bitcoin is currently heading towards a major break that is above the $3,650 versus the USD.
When the price of the Bitcoin is analyzed closely it is observed that the bearish trend level of Ethereum triggered a downward move below the $3,650 in the BTC/USD pair.
In the 100-hour SMA chart, it was seen to go down below $3,620. The last of the waveform ranging low at $3,376 through high at $3,716 showed a break below the Fibonacci…
The price currently at the time of reporting was holding at $3,587. The key support prices are at $3,500 and $3,455. The price action is at present convincing.
The hourly MACD for BTC/USD indicates a move to the bullish zone.
The RSI recovered well indicating a break at the 50 level.
The Major Support Level is seen at $3,540. A Major Resistance Level is seen at $3,650.
Most of the investors are only bothered to understand if the price will go up or down simply. They are not concerned about whether regulatory authorities will approve it or not.