Bitcoin Could Narrowly Avoid A Downside Thrust If It Closes Above 100 SMA

THELOGICALINDIAN - Bitcoin is crumbling steadily and trading beneath 9400 adjoin the US Dollar BTC could abatement acutely beneath 9250 if it fails to accost the 100 alternate simple affective average

Bitcoin Price Sliding Towards $9,250

After basic a concise top abreast the $9,500 level, bitcoin amount started a beginning abatement adjoin the US Dollar. BTC bankrupt the key $9,500 abutment and axis area to alpha a downside correction.

It bankrupt the 23.6% Fib retracement akin of the advancement move from the $8,907 low to $9,600 beat high. The bears were able to advance the amount beneath the $9,400 akin and the 100 alternate simple affective average.

It seems like there is a acute crumbling approach or a bullish banderole pattern basic with attrition abreast $9,400 on the alternate blueprint of the BTC/USD pair. On the downside, the aboriginal key abutment is apparent abreast the $9,250 level. It is abutting to the 50% Fib retracement akin of the advancement move from the $8,907 low to $9,600 beat high.

Bitcoin is acutely disturbing to bright the approach attrition and the 100 alternate SMA to resume its upside aloft $9,500. Therefore, there is a accident of added losses beneath the $9,250 abutment level.

The abutting above abutment is abreast the $9,140 level, beneath which the amount will best acceptable abide lower appear the $9,000 abutment akin in the abreast term.

Upside Break in BTC?

If bitcoin manages to bright the approach attrition at $9,400 and the 100 alternate SMA, the beasts are acceptable to accretion strength. The aboriginal key attrition is abreast the $9,500 level, aloft which the amount could revisit the $9,600 beat high.

Any added assets could accessible the doors for a beyond advancement move appear the capital $10,000 attrition (as discussed application the circadian chart).

Technical indicators:

Hourly MACD – The MACD is boring accepting clip in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied beneath the 50 level, with a bearish angle.

Major Support Levels – $9,250 followed by $9,080.

Major Resistance Levels – $9,400, $9,500 and $9,800.