THELOGICALINDIAN - Bitcoin is currently crumbling and trading able-bodied beneath 9500 adjoin the US Dollar BTC is acceptable to abide lower and it seems like the bears are aiming a breach beneath 9100 and 9000
Bitcoin Price Could Extend Losses
After a aciculate decline, bitcoin amount started an upside correction from the $9,100 abutment adjoin the US Dollar. BTC managed to break aloft the $9,000 handle and recovered aloft the $9,300 attrition level.
There was a breach aloft the 23.6% Fib retracement akin of the bottomward move from the $10,000 beat aerial to $9,090 low. It alike confused aloft the $9,500 level, but bootless to beat the $9,540 resistance level.
It seems like the amount bootless to bright the 50% Fib retracement akin of the bottomward move from the $10,000 beat aerial to $9,090 low. Bitcoin is currently crumbling and trading able-bodied beneath the $9,500 and $9,400 levels.
There is additionally a key bearish trend band basic with attrition abreast $9,400 on the alternate chart of the BTC/USD pair. The accepted amount activity suggests that the brace could abide to move bottomward appear the $9,100 abutment area in the abreast term.
If the bears abide in activity in the advancing sessions, there are affairs of added losses beneath the $9,090 beat low. The abutting above abutment is abreast the $9,000 level, beneath which the amount could revisit the $8,800 abutment level.
Chances of a Fresh Recovery in BTC
On the upside, bitcoin amount is adverse a lot of hurdles abreast $9,300 and $9,400. Besides, the 100 alternate simple affective boilerplate is additionally abreast the $9,500 level.
Therefore, the amount charge move aloft the $9,500 attrition area and achieve aloft the 100 alternate simple affective boilerplate to alpha a beginning advancement move. The abutting aloft attrition aloft $9,500 ability be $9,800.
Technical indicators:
Hourly MACD – The MACD is currently accepting drive in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now abutting to the 30 level.
Major Support Levels – $9,100 followed by $9,000.
Major Resistance Levels – $9,300, $9,400 and $9,500.
