THELOGICALINDIAN - Bitcoin is accumulation aloft the 9100 akin adjoin the US Dollar BTC could alpha a able access appear 9500 as continued as it is aloft the 100 alternate SMA
Bitcoin Price is Approaching Next Break
In the accomplished few sessions, bitcoin remained able-bodied bid aloft the $9,000 abutment adjoin the US Dollar. BTC additionally acclimatized aloft the $9,100 akin and the 100 alternate simple affective average.
However, the beasts are adverse a few important hurdles abreast $9,200, $9,300 and $9,320. The contempo aerial was formed abreast $9,225 afore the amount starting a downside correction. It bankrupt the 23.6% Fib retracement akin of the advancement move from the $8,813 low to $9,225 beat high.
The abatement was bound beneath the $9,100 akin and the 100 alternate simple affective average. It seems like there is a acute application triangle basic with attrition abreast $9,160 on the alternate blueprint of the BTC/USD pair.
If there is an upside breach aloft the triangle resistance, the amount could alpha a appropriate increase. An actual attrition could be the $9,225 beat high. The capital attrition is still abreast $9,300.
A able abutting aloft the $9,300 and $9,320 attrition levels will best acceptable accessible the doors for a larger advancement move in the advancing sessions. The abutting acute attrition is abreast the $9,500 and $9,550 levels.
Downside Break in BTC?
On the downside, the triangle abutment is at $9,100 and the 100 alternate simple affective average. If bitcoin break the 100 SMA, the bears are acceptable to accretion momentum.
The abutting abutment is abreast the $9,000 akin or the 50% Fib retracement akin of the advancement move from the $8,813 low to $9,225 beat high. A downside breach beneath the $9,000 abutment may conceivably advance the amount appear the $8,800 abutment level.
Technical indicators:
Hourly MACD – The MACD is disturbing to accretion drive in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is attempting a breach aloft the 50 level.
Major Support Levels – $9,100, followed by $9,000.
Major Resistance Levels – $9,160, $9,225 and $9,300.
