THELOGICALINDIAN - Bitcoin is boring affective college and it afresh activated 9300 adjoin the US Dollar BTC is now trading able-bodied aloft the 100 alternate SMA and it is acceptable to billow aloft 9300
Bitcoin Price is Eyeing Upside Break
After clearing aloft the $9,000 level, bitcoin started a slow and abiding rise adjoin the US Dollar. BTC surpassed the $9,200 attrition akin and it is now trading able-bodied aloft the 100 alternate simple affective average.
The contempo advancement move was absolute and the amount acquired absorption afterwards it bankrupt the $9,220 attrition and a abutting bearish trend band on the alternate chart. It opened the doors for added assets and the amount climbed appear the $9,300 resistance.
A aerial is formed abreast $9,301 and the amount is currently acclimation lower. It activated the 23.6% Fib retracement akin of the contempo advancement move from the $9,061 beat low to $9,301 high.
On the downside, there are abounding appropriate supports basic abreast $9,180 and $9,160. There is additionally a cogent bullish trend band basic with abutment at $9,180 on the alternate blueprint of the BTC/USD pair. The trend band is abutting to the 50% Fib retracement akin of the contempo advancement move from the $9,061 beat low to $9,301 high.
The capital hurdle on the upside is still abreast the $9,300 level. A acknowledged breach and abutting aloft $9,300 may conceivably bright the aisle for added assets in the advancing sessions. The abutting key attrition is abreast the $9,500 and $9,550 levels.
Another Bearish Reaction in BTC?
The trend band abutment is a aloft barrier for the bears abreast $9,180. If bitcoin trades beneath the trend band support, it could abatement the affairs of an upside breach aloft $9,300 in the short-term.
The abutting abutment is abreast the $9,120 and the 100 alternate SMA. The capital breakdown abutment is now abreast the $9,000 level, beneath which the beasts are acceptable to lose control.
Technical indicators:
Hourly MACD – The MACD is boring affective aback into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently abreast the 60 level.
Major Support Levels – $9,180, followed by $9,120.
Major Resistance Levels – $9,300, $9,340 and $9,500.
