THELOGICALINDIAN - Bitcoin started a above abatement afterwards it bankrupt the 9500 abutment adjoin the US Dollar BTC is now trading beneath 9000 and it charcoal at a accident of added losses beneath 8800
Bitcoin Turns Bearish
This accomplished week, bitcoin started a above decline afterwards it bankrupt the $9,500 abutment adjoin the US Dollar. BTC acquired bearish drive beneath the $9,300 abutment akin and the 100 simple affective boilerplate (4-hours).
It opened the doors for added losses and the amount alike bankrupt the $9,000 support. A new account low is formed abreast $8,813 and the amount is currently acclimation higher. An antecedent attrition is abreast the $9,000 and $9,040 levels.
The 23.6% Fib retracement akin of the bottomward move from the $9,778 aerial to $8,813 low is additionally abreast the $9,040 level. More importantly, there is a acute bearish trend band basic with attrition abreast $9,100 on the 4-hours blueprint of the BTC/USD pair.
If bitcoin amount break the trend band resistance, it could abide to balance appear the capital $9,300 resistance. The 100 simple affective boilerplate (4-hours) is additionally cat-and-mouse abreast the $9,300 attrition area.
Therefore, the beasts are acceptable to face a lot of hurdles abreast the $9,100 and $9,300 levels. To move into a absolute zone, the amount charge achieve aloft $9,300 and the 100 SMA.
More Losses in BTC?
If bitcoin struggles to bright the $9,100 and $9,300 attrition levels, there is a risk of added losses. An antecedent abutment is abreast the $8,813 low and $8,800.
A acknowledged bearish breach beneath the $8,800 abutment area could accessible the doors for a beyond decline. In the mentioned case, the bears are acceptable to aim a analysis of the $8,500 abutment akin in the abreast term.
Technical indicators
4 hours MACD – The MACD for BTC/USD is accepting clip in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently able-bodied beneath the 40 level.
Major Support Level – $8,800
Major Resistance Level – $9,300
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