THELOGICALINDIAN - Bitcoin is up added than 3 and it bankrupt the key 9500 attrition adjoin the US Dollar BTC is currently trading in a absolute area and it could abide to acceleration appear 10000
Bitcoin Price Gains Bullish Momentum
Yesterday, we discussed 3 key affidavit why bitcoin amount could billow aloft $9,500 adjoin the US Dollar. BTC did accretion bullish drive and it bankrupt abounding hurdles abreast $9,400 and $9,500 to move into a absolute zone.
There was a abutting aloft the $9,500 attrition and the 100 alternate simple affective average. The amount traded to a new account aerial at $9,779 and afresh started a downside correction.
It traded beneath the $9,700 and $9,680 levels. Besides, there was a breach beneath the 23.6% Fib retracement akin of the contempo beachcomber from the $9,282 low to $9,779 high. Bitcoin amount activated the $9,600 region, area it begin a strong affairs interest.
More importantly, there is a acute bullish trend band basic with abutment abreast $9,600 on the alternate blueprint of the BTC/USD pair. If the amount break the trend band support, it could analysis the $9,530 akin or the 50% Fib retracement akin of the contempo beachcomber from the $9,282 low to $9,779 high.
On the upside, an antecedent attrition is abreast the $9,700 level. The capital attrition is now abreast the $9,800 level, aloft which the amount is acceptable to analysis the $9,950 and $10,000 attrition levels in the abreast term.
Dips Supported in BTC
On the downside, there are abounding supports forming, starting at $9,600. The key uptrend abutment is now abreast the $9,500 akin (the contempo blemish zone).
If bitcoin declines beneath the $9,500 support, it could abide to move bottomward appear the $9,350 akin or the 100 alternate simple affective boilerplate in the advancing sessions. Any added losses could advance it appear the $9,282 beat low.
Technical indicators:
Hourly MACD – The MACD is currently accident drive in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now acclimation lower from able-bodied aloft the 70 level.
Major Support Levels – $9,600, followed by $9,500.
Major Resistance Levels – $9,700, $9,800 and $10,000.
