Bitcoin price started a short term dip and broke the 3,400 immunity level against the US Dollar.
This week's followed important bearish trend line has been breached with resistance at $3,440 about the hourly chart of this BTC/USD set (data feed in Kraken).
But, BTC price is still below a few key hurdles around the 3,475 and $3,500 amounts.
Bitcoin Price Diagnosis
Recently, bitcoin cost formed a decent service near $3,360 from the US Dollar. The BTC/USD pair started a short term rebound and moved over the 3,400 resistance zone. Buyers were able to defeat selling pressure above the 3,400 and $3,420 pivot amounts. The price climbed above the 50% Fib retracement level of the previous slide in the 3,560 high to $3,345 swing reduced. It opened the doors to get more profits and the cost spiked above $3,450 and the 100 hourly easy moving average.
More importantly, this week's followed major bearish trend line was breached with opposition at $3,440 about the hourly chart of this BTC/USD pair. The group tested the 3,475 resistance area, in which sellers surfaced . Anyway, the 61.8% Fib retracement level of the final slide from the $3,560 high to 3,345 swing reduced acted as a resistance. The purchase price is presently consolidating gains close to $3,440 and also the 100 hourly SMA. On the downside, there is an adequate support formed around $3,420. There's also a connecting bullish fashion line shaped with support in $3,410 on the exact same chart. Thus, buyers could protect declines below $3,400 if there's a downside correction.
Taking a look at the graph , bitcoin cost made a wonderful upward movement above $3,400. Having said this, the cost is still trading under a few crucial resistances, including $3,475, $3,500 and $3,516. Unless there's a daily near $3,516, the price remains at a danger of a brand new drop.
Hourly MACD -- The MACD is likely to move back in the bearish zone.
Hourly RSI (Relative Strength Index) -- The RSI to get BTC/USD is presently well above the 50 degree.
Major Support Level -- $3,410
Major Resistance Level -- $3,516