THELOGICALINDIAN - Bitcoin is trading in a bearish area beneath 9000 adjoin the US Dollar BTC amount is acceptable to advance lower if it break the 8680 and 8600 abutment levels
Bitcoin Turns Red
Bitcoin amount remained able-bodied bid aloft the $8,680 abutment and afresh adapted college adjoin the US Dollar. BTC amount climbed aloft the $8,800 attrition level, but it backward able-bodied beneath the 100 alternate simple affective average.
The advancement move was capped by the $9,000 attrition zone. It seems like the amount bootless to beat the 50% Fib retracement akin of the key abatement from the $9,305 beat aerial to $8,645 beat low.
More importantly, there is a above bearish trend band basic with attrition abreast $8,910 on the alternate chart of the BTC/USD pair. Bitcoin is acutely disturbing to bright the trend band and the $9,000 attrition level.
If there is an upside breach aloft the trend band resistance, the amount could abide to acceleration appear the $9,100 attrition area. An average attrition is abreast the $9,050 akin or the 61.8% Fib retracement akin of the key abatement from the $9,305 beat aerial to $8,645 beat low.
To move into a absolute area and abstain added losses, the amount charge breach the trend band attrition and again accretion drive aloft the $9,100 axis akin in the abreast term. In the mentioned case, the amount could abide to acceleration appear the $9,330 and $9,500 attrition levels.
Bearish Break in BTC?
If bitcoin amount fails to breach the trend band attrition and $9,000, it ability accelerate further. An antecedent abutment is abreast the $8,680 akin and the $8,645 beat low.
A acknowledged downside breach beneath the $8,645 beat low could atom added losses. The abutting key abutment is abreast the $8,400 level, beneath which there are chances of a abiding downward move appear the $8,200 akin in the advancing days.
Technical indicators:
Hourly MACD – The MACD is about to move into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is crumbling and it is abutting the 40 level.
Major Support Levels – $8,645 followed by $8,400.
Major Resistance Levels – $8,950, $9,000 and $9,100.
