THELOGICALINDIAN - Bitcoin is trading in a bound ambit aloft the 9640 abutment adjoin the US Dollar BTC amount is acceptable to billow college if it clears the 9800 and 9880 ambit attrition levels
Bitcoin Price Stuck In A Range
After a able accretion wave, bitcoin amount faced a able attrition abreast the $9,880 akin adjoin the US Dollar. BTC started trading in a ambit beneath the $9,880 akin and it seems to be advancing for the abutting above move.
There was a breach beneath the $9,720 level, additional the 23.6% Fib retracement akin of the advancement move from the $9,389 low to $9,811 high. However, the $9,640 akin and the 100 alternate simple affective average are acting as able supports.
On the upside, there is a above hurdle basic abreast the $9,800 and $9,880 levels. There is additionally a key bearish trend band basic with attrition abreast $9,800 on the alternate chart of the BTC/USD pair.
If bitcoin clears the trend band resistance, there are affairs of a aciculate assemblage aloft the $9,880 resistance. The abutting aloft attrition is abreast the $10,000 level, aloft which the beasts are acceptable to aim a analysis of the $10,500 attrition area in the abreast term. Any added assets could advance the amount appear the $11,200 barrier.
Bearish Move in BTC?
On the downside, there is a ambit abutment basic abreast the $9,640 akin and the 100 alternate simple affective average. If there is a bearish breach beneath the 100 alternate SMA, the amount could analysis the $9,600 level.
The 50% Fib retracement akin of the advancement move from the $9,389 low to $9,811 aerial is abreast the $9,600 akin to act as a support. Any added losses may conceivably put a lot of burden on the bulls and the amount ability abatement added appear the $9,500 abutment or $9,400.
Technical indicators:
Hourly MACD – The MACD is acceptable to accretion backbone in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently disturbing to break aloft the 50 level.
Major Support Levels – $9,640 followed by $9,500.
Major Resistance Levels – $9,800, $9,880 and $10,000.
