THELOGICALINDIAN - Bitcoin started a downside alteration from the 9780 beat aerial adjoin the US Dollar BTC begin abutment abreast 9600 and it is currently accepting bullish drive for a beginning rally
Bitcoin Price Could Resume Rally
Yesterday, we saw a sharp access in bitcoin price aloft the capital $9,500 attrition adjoin the US Dollar. BTC rallied aloft the $9,700 akin and acclimatized aloft the 100 alternate simple affective average.
The amount traded to a new account aerial abreast $9,780 and started a downside correction. It bankrupt the $9,700 akin to move into a abbreviate appellation alteration phase. However, the abatement begin abutment abreast $9,570 and the amount remained able-bodied aloft the $9,500 area.
A low was formed abreast $9,570 and the amount is currently rising. There was a breach aloft the 23.6% Fib retracement akin of the contempo alteration from the $9,781 aerial to $9,570 low. More importantly, there was a breach aloft a key application triangle with attrition abreast $9,640 on the alternate blueprint of the BTC/USD pair.
The accepted abstruse anatomy suggests bitcoin amount could abide to acceleration aloft $9,700. Immediate attrition is abreast the $9,675 level. It is abutting to the 50% Fib retracement akin of the contempo alteration from the $9,781 aerial to $9,570 low.
If the beasts accretion drive aloft $9,670 and $9,700, the amount is acceptable to ascend aloft the $9,780 beat aerial in the abreast term. The abutting ambition for them may conceivably be $10,000 or $10,200.
Downsides Might be Limited in BTC
On the downside, bitcoin is acceptable to acquisition a able affairs absorption abreast the $9,600 level. If there is a circadian abutting beneath the $9,500 support, the amount could abide lower.
The abutting above abutment is apparent abreast the $9,500 level, beneath which the 100 alternate SMA at $9,450 is acceptable to stop the decline.
Technical indicators:
Hourly MACD – The MACD is about to move aback into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied aloft the 50 level.
Major Support Levels – $9,600, followed by $9,500.
Major Resistance Levels – $9,670, $9,700 and $9,800.
