THELOGICALINDIAN - Bitcoin is trading able-bodied aloft key supports on the circadian blueprint adjoin the US Dollar BTC seems to be advancing for a acute bullish blemish aloft the 10000 attrition zone
Bitcoin Could Surge Again
Earlier this month, bitcoin amount continued its acceleration aloft the $10,000 akin adjoin the US Dollar. BTC amount traded to a new 3-month aerial at $10,390 and acclimatized able-bodied aloft the 100-day simple affective average.
Recently, there was a downside alteration beneath the $10,000 level. The price bankrupt the $9,500 and $9,300 abutment levels. However, the amount remained able-bodied bid abreast the $9,000 abutment zone.
Bitcoin is currently recovering and trading able-bodied aloft the $9,300 level. There was a breach aloft the 23.6% Fib retracement akin of the downside alteration from the $10,390 aerial to $9,080 beat low.
It seems like there is a acute application triangle basic with attrition abreast $9,750 on the circadian blueprint of the BTC/USD pair. The triangle attrition is abutting to the 50% Fib retracement akin of the downside alteration from the $10,390 aerial to $9,080 beat low.
Therefore, the amount charge beat the $9,750 attrition area to admit a beginning increase. The capital hurdle is still abreast the $10,000 level, aloft which there are aerial affairs of a abiding acceleration appear the $10,500 and $10,800 levels in the abreast term.
Chances of Bearish Break
If bitcoin struggles to bright the $9,750 resistance, there is a accident of a bearish break. The triangle abutment is abreast the $9,300 level. If there is a breach and abutting beneath $9,300, the amount could alpha a beginning decline.
The aboriginal key abutment is abreast the $9,000 level, beneath which the amount ability extend its decline. The capital uptrend abutment is apparent abreast the $8,250 akin and the 100-day simple affective average, area the beasts are acceptable to booty a stand.
Technical indicators:
Daily MACD – The MACD is boring affective in the bearish zone.
Daily RSI (Relative Strength Index) – The RSI for BTC/USD is aloof beneath the 50 level.
Major Support Levels – $9,300 followed by $9,000.
Major Resistance Levels – $9,750, $10,000 and $10,400.
