THELOGICALINDIAN - Bitcoin started a able abatement afterwards it bankrupt the key 9500 abutment adjoin the US Dollar BTC amount is currently acclimation college from the 8794 low but upsides are acceptable to abide capped
Bitcoin Turns Red
Bitcoin amount started a able abatement afterwards it bootless to ascend aloft $9,800 adjoin the US Dollar. BTC amount bankrupt abounding supports abreast $9,540 and $9,500 to access a bearish area (as discussed yesterday).
There was a aciculate accelerate beneath the $9,250 and $9,150 abutment levels. It alike dived beneath $9,000 and acclimatized able-bodied beneath the 100 alternate simple affective average. It traded to a new account low at $8,794 afore starting an upside correction.
Bitcoin recovered aloft the $9,000 attrition level. It additionally managed to balance aloft the 23.6% Fib retracement akin of the contempo accelerate from the $9,842 aerial to $8,794 low.
On the upside, there are abounding hurdles basic abreast the $9,220, $9,250 and $9,300 levels. There is additionally a key abutting bearish trend band basic with attrition abreast $9,220 on the alternate chart of the BTC/USD pair.
The trend band is abutting to the 50% Fib retracement akin of the contempo accelerate from the $9,842 aerial to $8,794 low. Therefore, the amount is acceptable to face a strong affairs interest abreast the $9,220, $9,250 and $9,300 levels in the abreast term.
BTC’s Bearish Extension
If bitcoin fails to actual aloft the $9,150 and $9,250 attrition levels, it is acceptable to abide lower. An antecedent abutment on the downside is abreast the $9,000 level.
A circadian abutting beneath the $9,000 akin ability alpha addition bearish wave. The abutting key abutment is abreast the $8,800 level, beneath which the amount is acceptable to dive appear the $8,500 abutment zone. Any added losses may conceivably advance the amount appear $8,200.
Technical indicators:
Hourly MACD – The MACD is currently in the bullish zone, but it could about-face bearish again.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently convalescent appear the 45 level.
Major Support Levels – $9,000 followed by $8,800.
Major Resistance Levels – $9,130, $9,250 and $9,300.
