THELOGICALINDIAN - Bitcoin is trading aloft the 9600 and 9500 levels adjoin the US Dollar BTC amount is assuming absolute signs and it seems a few accomplish abroad from smashing the 10000 resistance
Bitcoin Approaching Key Breakout
Bitcoin amount is trading aloft a few important supports abreast the $9,560 and $9,500 levels adjoin the US Dollar. BTC amount seems to be trading central a application ambit and it afresh activated the $9,900 zone.
A aerial was formed abreast $9,901 afore the amount adapted lower. It traded beneath the $9,700, but the $9,600 breadth acted as support. A low is formed abreast $9,592 and the amount is currently rising.
There was a breach aloft the $9,650 and $9,700 levels. Bitcoin amount traded aloft the 50% Fib retracement akin of the contempo abatement from the $9,901 aerial to $9,592 low. On the upside, an antecedent hurdle is abreast the $9,780 akin and a abutting bearish trend band on the alternate chart of the BTC/USD pair.
The 61.8% Fib retracement akin of the contempo abatement from the $9,901 aerial to $9,592 low is additionally abreast $9,780. If there is a bright breach aloft the trend band attrition and $9,800, the amount could revisit the $9,950 and $10,000 attrition levels.
To alpha a cogent advancement move, the amount charge breach the $9,950 and $10,000 attrition levels. If the beasts succeed, the abutting key attrition could be $10,500, aloft which the amount ability analysis $11,200.
Downside Reaction?
If bitcoin abide college and struggles to bright the $9,950 and $10,000 attrition levels, there is a accident of a bearish acknowledgment in the advancing sessions.
On the downside, there is a acute bullish trend band basic with abutment abreast $9,590 on the aforementioned chart. The capital abutment is abreast the $9,560 level, beneath which the amount ability dive appear the $9,200 and $9,000 levels in the abreast term.
Technical indicators:
Hourly MACD – The MACD is about to move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied aloft the 50 level.
Major Support Levels – $9,590 followed by $9,560.
Major Resistance Levels – $9,800, $9,950 and $10,000.
