THELOGICALINDIAN - Bitcoin is disturbing to bright the capital 9200 attrition breadth adjoin the US Dollar BTC is acceptable to alpha a able assemblage if it clears the 9200 attrition and the 100 SMA H4
Bitcoin is Testing Crucial Resistance
This accomplished week, bitcoin continued its abatement beneath the $9,200 support akin adjoin the US Dollar. BTC alike acicular beneath the $9,050 akin and acclimatized beneath the 100 simple affective boilerplate (4-hours).
A low was formed abreast $9,022 and afresh the amount started an upside correction. It surpassed the $9,100 and $9,120 levels. There was a breach aloft the 23.6% Fib retracement akin of the contempo abatement from the $9,358 aerial to $9,022 low.
However, the amount is now adverse a able attrition abreast the $9,200 akin and the 100 simple affective boilerplate (4-hours). There is additionally a cogent blemish arrangement basic with attrition abreast $9,200 on the 4-hours blueprint of the BTC/USD pair.
The triangle attrition is abutting to the 50% Fib retracement akin of the contempo abatement from the $9,358 aerial to $9,022 low. A bright breach aloft the $9,200 akin and the 100 simple affective boilerplate (4-hours) is bare to alpha a able assemblage in the advancing days.
The abutting major resistance aloft the $9,200 akin is abreast the $9,300 level. Any added assets is acceptable to alpha a abiding uptrend appear the $9,500 and $9,550 levels.
Downside Break in BTC?
If bitcoin fails to bright the $9,200 barrier and the 100 SMA, there is a accident of added losses. On the downside, the triangle abutment is abreast the $9,040 level.
The capital abutment area is abreast the $8,950 and $9,000 levels, beneath which there are aerial affairs of a aciculate abatement appear the $8,650 and $8,500 levels.
Technical indicators
4 hours MACD – The MACD for BTC/USD is boring accident drive in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently disturbing to bright the 50 level.
Major Support Level – $9,000
Major Resistance Level – $9,200
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